CitySwift, a specialist in data and artificial intelligence for public transport, has raised funding of €5 million.
The Series A investment brings Ireland-based CitySwift's total funding to €8.5 million.
The round was led by Act Venture Capital with existing investors, including former CarTrawler CEO Mike McGearty and Enterprise Ireland, also participating.
According to a statement, the funds will go toward helping public transport meet the challenges of fuel hikes, driver shortages and funding uncertainty.
"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," says Brian O'Rourke, co-founder and CEO of CitySwift.
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"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 COVID-19 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."
CitySwift has also unveiled a number of new products including Evolve, which helps bus time-tabling and matching frequency with demand, and Discover, which provides dashboards to help highlight pain points across transport companies.
The company, which was founded in 2016, says the products will help it "realize its vision of reducing global emissions from transport, supporting public transport networks to attract more people to choose public transportation over private car use."
The company is currently expanding into a number of territories including Europe, the United States and the Middle East.