Spare, a Toronto, Canada-based company developing a platform that empowers transit agencies, received $10M in Growth Capital.
CIBC Innovation Banking provided the financing.
The company intends to use the funds to speed its development of human-centric AI, making interactions with the platform intuitive and helpful for staff and riders alike.
Led by CEO Kristoffer Vik Hansen, Spare empowers transit agencies to launch on-demand services and modernize specialized (paratransit) transit systems, enhancing accessibility and efficiency for those underserved by traditional transit options. Through a suite of flexible software tools, it enables the customization of compliant paratransit services. The company provides a platform that allows public transit agencies to provide responsive transportation services that adapt in real-time, dispatching rides based on riders’ individual needs. By facilitating efficient and safe travel for more community members, transit agencies can ensure that everyone, regardless of physical ability or geographic location, has equal access to mobility.
The platform already uses AI to dynamically schedule and dispatch vehicles, enabling transit agencies to offer transportation services that respond to trip demand.
The company serves transit agencies worldwide including Dallas Area Rapid Transit, CapMetro (Austin), Winnipeg Transit, AC Transit, and Bay Area Rapid Transit.
FinSMEs
05/06/2024