Galway, Ireland-based Mobility-Intelligence-as-a-Service solution provider, CitySwift raised EUR 5 million in recent funding. The Series A round took place on October 17, 2022. Act Venture Capital led the financing for the firm. Existing investors such as Declan Ryan’s Irelandia Investments, Mike McGearty, former CEO of CarTrawler, Enterprise Ireland and the Western Development Commission joined in the investment.
So far, the company’s total funding amounts to EUR 8.5 million.
Purpose of funding for CitySwift
CitySwift intends to fuel its fast-track expansion plans with the latest capital injection. It also has plans to fulfil and fuel its goal of helping the public transport industry build resilience against ongoing issues such as fuel hikes, driver shortages, funding uncertainty, and Covid-19 recovery.
Besides announcing the funding round, the company unveiled new product offerings. The latest products further allow CitySwift to combine the power of data and public transport together to prepare transport networks everywhere for the future of mobility. Among the recent product launches is the company’s Evolve module. The module delivers scenario planning for AI-powered bus timetabling and movement pattern simulation for accurately matching frequency with demand resulting in over 5x ROI. It also results in a 45% reduction in late buses and a more than 2% reduction in operating hours with existing clients. Additionally, it equates to significant emission reductions, cost savings and increased passenger demand in cities.
What the CEO has to say
Brian O’Rourke, CitySwift Co-Founder and CEO, said, “This new era of CitySwift is one where we are focused on preparing our partners for a greener, cleaner future of mobility by matching supply and demand across their networks now. CitySwift strongly believes the future is bright for public transport, and Mobility Intelligence is the key that will unlock attractive, efficient, and green public transport across cities globally.”
He further added, “Over the past decade, we have seen a significant shift in the way the world moves due to compounding crises such as climate change and the Covid19 pandemic. Cities worldwide have become more congested, travel patterns have changed, the cost of living has increased, and sustainability is now a key issue of the political agenda. These shifts have presented us with an exciting opportunity. The public transport industry must rethink its traditional ways of operating and shift its focus from supply to demand in order to optimize networks for the future – and data is what will unlock these efficient and optimized networks. Private operators and public authorities require data-enriched insights to inform them on how to best adapt and operate their networks to provide more efficient, reliable and sustainable services.”
About the company
Alan Farrelly and Brian O’Rourke co-founded the company in 2016. The Mobility-Intelligence-as-a-Service startup empowers bus networks across the globe, i.e., making public transport more efficient and greener. It already enjoys partnerships with National Express, Go Ahead Group and Transport for Wales in the UK, and the MTA in New York.
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