rideOS has raised $25 million in Series B funding for its cloud-based fleet-management platform that pulls mapping, traffic and detection data for self-driving vehicles in a given area. The platform, essentially an traffic control system for vehicles, also works with human-driven vehicles and transportation services.
Designed to assist in the global roll-out of next-generation transportation fleets, rideOS’ latest funding round was led by Next47, the Siemens-backed global venture firm. Existing investor Sequoia Capital and a new investor, Singapore-based ST Engineering Ventures, also contributed. The Series B brings its’ total funding to $34 million after it raised $9 million in a Series A round led by Sequoia Capital.
“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,” said Lak Ananth, CEO and Managing Partner at Next47. “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. We believe our investment in rideOS, and the power of Siemens behind us, will help accelerate progress towards this goal.”
rideOS going global
Building on the success of a pilot program launched in Singapore earlier this summer, rideOS now has its sights set on Europe. The investment from Next47 will help it expand its services beyond Europe to global transportation markets, too.
“Next47 will join the rideOS board and will help guide rideOS in European transportation markets. The Series B investment brings rideOS’ total funding to $34 million,” the company said in its statement.
The Series B closely follows the partnerships previously forged with Autonomic, a Ford subsidiary, and Singapore’s ST Engineering (ST Engg) to help facilitate the Singapore launch. rideOS has been gaining ground quickly in the last year, a pace CEO and co-founder Justin Ho is pleased with.
“The past 12 months have been a whirlwind of signing partnerships, funding rounds, and reaching our internal milestones, and we couldn’t be happier to have Next47 join us as we embark on this next phase of rideOS,” said Ho. “Cities with next-generation transportation are undergoing the biggest paradigm shift since the transition from horse and buggy to automobile. We want to work with governments, OEMs, transportation network companies, and technology companies to prepare them for a driverless future.”
“When we first met with rideOS last year, we knew they were approaching self-driving car technology with a global view,” said Mike Vernal, Partner at Sequoia Capital. “They have already become the trusted partner of Fortune 500 companies and startups alike, and we’re excited to work alongside Next47 and ST Engineering Ventures to further rideOS’ mission.”
Tell Us What You Think!