Israel's Optibus artificial intelligence (AI)-based platform for planning and operation mass transportation, has raised $107 million in a Series C round, co-led by Bessemer Venture Partners and Insight Partners, the company announced Wednesday.
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Optibus will use the funding to continue expanding its global presence and enhance product capabilities such as optimization and artificial intelligence algorithms that improve mass transit for passengers while also increasing operational efficiency. The funding will also go toward accelerating the deployment of zero-emission vehicles – replacing mass transit fleets based on fossil fuels and lowering emissions worldwide.
"The pandemic has made it more challenging for cities and transportation operators to provide safe and efficient public transportation, while also highlighting just how essential these services are," said Optibus co-founder and CEO Amos Haggiag. "It's now of critical importance that we modernize the public transit industry not only for the industry's sake, but for the communities around the world that seek transit equity, freedom of movement for all residents, and environmentally sustainable cities. This funding will help us do just that."
