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Transportation management startup rideOS raises $25M from Siemens’ Next47
Cloud transportation management and mapping platform startup rideOS Inc. has raised $25 million in new funding to expand its services to global transportation markets.
The Series B round was led by Next47, the venture capital arm of German industrial manufacturing conglomerate Siemens AG, with Sequoia Capital and ST Engineering Ventures also participating.
Founded only last year, rideOS is building a platform that aims to solve logistics problems for autonomous fleets, ride-hailing platforms and human drivers. Described by TechCrunch as being somewhat like Waze except instead of human input it uses automatically generated data, rideOS’ platform seeks to facilitate a safe, global rollout of next-generation transport by managing the traffic that is generated by competing platforms.
The company’s platform primarily offers a dynamic mapping service that calculates the best way to get from point A to point B for human drivers, self-driving cars, fleet operators and ride-hailing companies. The platform offers each vehicle “best route in real-time” based on current traffic conditions.
“RideOS represents an essential part of the next-generation mobility stack, connecting the software, hardware and infrastructure that are necessary to deploy self-driving technology at scale,” Lak Ananth, chief executive officer and managing partner at Next47, said in a statement. “Digital tools and resources like rideOS’ mobility platform will help transform the transportation landscape in cities across the globe, ushering in a new era of sustainability and efficiency.”
Next47’s participation comes with a partnership that will see Next47’s Catalyst organization assist rideOS through leveraging Siemens’ global presence, partnerships and strategic involvement offering global support and deep expertise in industrial and infrastructure technology.
ST Engineering Ventures comes on board as an investor after its parent company Singapore Technologies Engineering Ltd. signed a deal with rideOS to “expedite the safe rollout of autonomous mobility systems in Singapore.”
Including the new fundin,g rideOS has raised $34 million to date.
Photo: rideOS
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