Israeli real-time public transport planning company Optibus has raised $12 million in a financing round led by Pitango Venture Capital with the participation of Verizon Ventures and Sir Ronald Cohen. The company has raised $14.5 million to date including the latest financing round.
The funding will be used to develop Optibus’ operating system designed to power the smart cities of the future and to accelerate worldwide growth.
The company enables public transport companies to optimize their services, save resources and improve the travel experience for their passengers. Optibus provides its services to 200 cities on five continents including Los Angeles, Las Vegas and Washington D.C.
The Tel Aviv-based company was founded by CEO Amos Haggiag and CTO Eitan Yanovsky.
Haggiag said, "Public transportation is the key to future mobility, remaining the only entity large enough to move masses of people every day. With the disruption of the automotive landscape, classic forms of transport such as busses, trains and trams are at risk of being left behind. Optibus simplifies the complex planning and control process behind modern transportation services, by offering a platform for municipalities and transit operators that allows them to move from a static schedule that rarely changes to dynamic real-time operation."
"We recognized Optibus’ role in the transportation revolution in its early stages. Optibus shows a deep understanding of the market and has made a significant impact in cost savings and overall customer experience," said Rami Beracha, Managing General Partner at Pitango. "We are proud to support Optibus as it continues the journey to help municipalities and fleet operators deliver efficient mass transportation in cities throughout the world both today and in the smart cities of the future."
Published by Globes [online], Israel business news - www.globes-online.com - on November 7, 2017
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