Israel-based public transport optimiser Optibus has secured $12m in a series A round featuring Verizon Ventures, the corporate venturing arm of telecommunications company Verizon, Globes has reported.
Venture capital firm Pitango Venture Capital led the round, with capital also coming from angel investor Ronald Cohen. The company has secured $14.5m in funding to date, according to Globes.
Optibus has developed a cloud-based platform that helps public transport companies operate more efficiently by optimising scheduling, crew and vehicle assignments, and responses to unplanned incidents.
The company claims the platform reduces operating costs for businesses by up to 15%. It will use the funding to further develop its technology.
Amos Haggiag, chief executive of Optibus, said: “With the disruption of the automotive landscape, classic forms of transport such as busses, trains and trams are at risk of being left behind.
“Optibus simplifies the complex planning and control process behind modern transportation services by offering a platform for municipalities and transit operators that allows them to move from a static schedule that rarely changes to dynamic real-time operation.”