US-based mobility software developer RideCell has closed a $28.6m series B round led by Cox Automotive, the automotive subsidiary of conglomerate Cox Enterprises.
The round included automotive manufacturer Denso, transportation services group Penske, rail operator Deutsche Bahn and conglomerate Mitsui, as well as venture capital firm Initialized Capital.
Founded in 2009, RideCell operates a software platform that enables mobility services, such as carsharing, ridesharing, and autonomous fleet management.
The company targets clients such as car rental companies, transit agencies and dealerships. Its platform is being used to power shuttle services for multiple university campuses and BMW’s mobility service ReachNow.
Penske and Mitsui, which are exploring novel services in the transportation sector, and Denso, which is developing hardware designed for new mobility products, will offer their expertise to strengthen RideCell’s ecosystem.
In April 2016, car manufacturer BMW’s corporate venturing arm BMW i Ventures, led an $11.7m series A round for RideCell that included Khosla Ventures and assorted angel investors.
David Liniado, vice-president for new growth and development at Cox Automotive, said: “Cox Automotive’s strategic investment in Ridecell is another tangible move we are making in the mobility space, and a clear indication of our belief in Ridecell as a world-class provider of ridesharing and carsharing technology.”