US-based mobility software developer RideCell increased its series B round to more than $60m on Tuesday following investment from electronics producers LG and Sony, reinsurance firm Munich Re and automotive component manufacturer Denso.
The overall series B round is being led by Activate Capital. Financial services firm BNP Paribas, Ally Ventures and Khosla Ventures also took part in the second tranche, which followed a $28.6m first close in June 2018.
LG and Sony invested through LG Technology Ventures and Sony Innovation Fund respectively while Munich Re’s funding respresented the first investment by the €100m ($113m) Ergo Fund it launched earlier this year.
The first close was led by Cox Automotive, part of media and automotive services conglomerate Cox Enterprises, and included transportation services provider Penske, rail operator Deutsche Bahn, conglomerate Mitsui and venture capital firm Initialized Capital.
Founded in 2009, Ridecell provides a software platform that facilitates the management of mobility offerings such as carsharing, ride hailing and autonomous fleets for customers such as car rental services, transit agencies and dealerships.
Ridecell will use the series B funds to develop its platform, which is already being used to power shuttle services for several university campuses and BMW’s ReachNow mobility service.
Denso, which is developing hardware designed for new mobility products, and Penske and Mitsui, which are exploring novel services in the transportation sector, will offer their expertise to strengthen the RideCell ecosystem.
Car manufacturer BMW’s corporate venturing arm, BMW i Ventures, led an $11.7m series A round for RideCell in April 2016 that included Khosla Ventures and assorted angel investors. It had raised $15.9m the year before according to a regulatory filing.