RideCell expands funding round to $60 million

RideCell, a transportation software startup, has doubled its previously announced Series B funding round to $60 million, a sign that investors believe demand for cloud-based mobility platforms will grow as more companies try to scale up car-sharing, ride-hailing and even robotaxi businesses.

The company, which has developed a platform designed to help car-sharing, ride-sharing and autonomous technology companies manage their vehicles, announced it raised $28 million in May.

Activate Capital led this round; its co-founder and managing director Raj Atluru has joined RideCell’s board. Reinsurance group Munich Re’s ERGO fund, LG Technology Ventures, BNP Paribas, Sony Innovation Fund, Ally Ventures and Khosla Ventures joined this extended round. Denso also upped its investment in the Series B round.

Nearly half a dozen other companies had already invested in the Series B round, including Cox Automotive, Initialized Capital, Denso, Penske, Deutsche Bahn and Mitsui.

“Investor interest in cloud-based mobility platforms and autonomous vehicles increases almost daily as the disruptive potential of these new technologies are realized,” RideCell CEO Aarjav Trivedi said in a statement.

The company recently received a permit from the California Department of Motor Vehicles to test its Auro autonomous vehicles on public roads. RideCell acquired self-driving car company Auro in October 2017. Auro initially developed and operated driverless shuttles for private geo-fenced locations such as corporate and university campuses. The company has since expanded its focus to include passenger vehicle models and minivans, although it still plans to target low-speed urban use cases focused on solving last-mile transportation.

The company’s real-world trials will start on Ford Fusion vehicle platforms equipped with Auro’s autonomous driving system.

Post Author: Start Ups

Leave a Reply

Your email address will not be published. Required fields are marked *