Transport software platform Optibus closed a $100 million Series D funding round – valuing the Tel Aviv-based company at $1.3 billion – which Optibus says makes it the first “unicorn” dedicated to the public transport sector.
New and existing investors Insight Partners, Bessemer Venture Partners, Verizon Ventures, Pitango First & Pitango Growth, Tencent and SOMV Momentum contributed to the round, bringing Optibus’ total funding to $260 million.
Founded in 2014, Optibus uses artificial intelligence and cloud computing to help transit agencies and operators plan routes and services more efficiently. Its software, which also helps reduce emissions and costs and promotes fairness in transportation, is used in more than 1,000 cities around the world.
With this funding, Optibus will expand its product and service offerings, including real-time operations and electric vehicle management, and enter new markets.
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The company is also launching a Ridership Insights product that visualizes ridership data on a map during the network planning phase, giving planners deeper insight into how a city moves.
“Optibus is proud to be the first unicorn dedicated to public transport, which is at the heart of a healthy and fair society. By putting powerful technology in the hands of industry professionals, Optibus is helping to increase fairness and transportation ridership while reducing emissions and costs,” says Optibus co-founder and CEO Amos Haggiag.
“Our investors and employees see Optibus’ dual promise of delivering both social good and return on investment, and we are excited to lead the digital transformation of the industry.”
According to Merav Rotem Naaman, General Partner of SOMV Momentum: “For SOMV Momentum, Optibus represents all that is great about technology: digitizing and disrupting basic functions of society in a way that serves the greater good, both in terms of quality of service and environmental impact, while being a solid growth island, which is essential for us in the current market conditions.
Optibus previously raised a $107 million Series C funding round in March last year.