California, USA-based leader in developing on-demand Personal Rapid Transit (PRT), Glydways raised USD 56 million in Series B. The round took place on October 6, 2023. New Science Ventures led the financing for the company. In addition, The ACS Group and Gates Frontier joined in the financing. Meanwhile, the company’s first investor, Khosla Ventures, also provided the investment. So far, the total funding raised by the company amounts to USD 70 million. The current financing includes convertible notes valued at more than USD 28 million.
Besides the funding, the company announced the selection by Contra Costa Transportation Authority and Tri Delta Transit (Authorities) for the initial, vital segment of the Dynamic Personal Micro Transit project. The project seeks to increase public transit accessibility for the fast-growing communities of regions such as Pittsburg, Antioch, Oakley and Brentwood. Besides, the design of the project intends to complement, enhance and expand existing public transportation options to create a meaningful multi-modal system. Authorities will jointly administer the project.
What the company’s official has to add
Gokul Hemmady, CEO of Glydways, said, “We are thrilled and grateful to welcome this brilliant group of investors to the Glydways team. Investing in a new form of public mobility requires both vision and a belief in the future we are building together with our customers and their communities. These three partners, along with Khosla Ventures, understand the complex dynamics around public transit and are the perfect team to help guide us as we develop and refine our technology to revolutionize urban mass transit.”
What the investors have to comment
Somu Subramaniam, NSV Managing Partner, further added, “Glydways is leading a revolution in urban mass transit. We are very impressed with the company’s momentum and the technologies they have developed. We’re believers in Glydways’ compelling value proposition to enable their solution to become a new mode of transit for city planners across the world.”
In addition, Nuria Haltiwanger, CEO of ACS Infrastructure, added, “As a world-leading infrastructure business, we can see the strategic value of Glydways and how it will transform public transit for the benefit of the communities it will serve.”
About the company
Mark Seeger in 2016 launched the company. The company is on a mission to revolutionize urban mobility and provide more equitable access to affordable housing, jobs, education, healthcare, as well as community. The company seeks to accomplish it via their innovative approach of a closed-road, fully autonomous, high-capacity personal rapid transit system.
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, Glydways raised USD 56 million in Series B. The round took place on October 6, 2023. New Science Ventures led the financing for the company.){kind=link}