Investment will help CitySwift to fast-track its global expansion plans.
Transport AI player CitySwift has raised €5m in a Series A funding round led by Act Venture Capital.
All existing investors including Declan Ryan’s Irelandia Investments, Mike McGearty, former CEO of CarTrawler, Enterprise Ireland and the Western Development Commission also took part in the round, bringing total funding to date to €8.5m.
“Mobility Intelligence is the key that will unlock attractive, efficient, and green public transport across cities globally”
The round will fast-track expansion plans to help the public transport industry build resilience against ongoing issues like fuel hikes, driver shortages, funding uncertainty, and Covid-19 recovery.
Eco-friendly, data-driven future of transport
“This new era of CitySwift is one where we are focused on preparing our partners for a greener, cleaner future of mobility, by matching supply and demand across their networks now,” said co-founder and CEO Brian O’Rourke.
“CitySwift strongly believes the future is bright for public transport, and Mobility Intelligence is the key that will unlock attractive, efficient, and green public transport across cities globally.”
To coincide with the announcement, CitySwift has revealed new product announcements alongside a new visual identity and website. The new identity will take the company into its next phase as the world’s first “Mobility Intelligence as a Service” platform, blending the power of data and public transport together to prepare transport networks everywhere for the future of mobility.
The new suite of products includes CitySwift’s Evolve module that delivers scenario planning for AI-powered bus timetabling, and movement pattern simulation for accurately matching frequency with demand resulting in over 5x return on investment, a 45% reduction in late buses and over 2% reduction in operating hours with existing clients – also equating to significant emission reductions, cost savings and increases in passenger demand in cities.
“Over the past decade, we have seen a significant shift in the way the world moves due to compounding crises such as climate change and the Covid19 pandemic,” O’Rourke explained.
“Cities worldwide have become more congested, travel patterns have changed, the cost of living has increased and sustainability is now a key issue of the political agenda. These shifts have presented us with an exciting opportunity.
“The public transport industry must rethink its traditional ways of operating and shift its focus from supply to demand in order to optimise networks for the future – and data is what will unlock these efficient and optimised networks. Private operators and public authorities require data-enriched insights to inform them on how to best adapt and operate their networks to provide more efficient, reliable and sustainable services,” added O’Rourke.
Founded in 2016, CitySwift is a homegrown Galway headquartered company with a rapidly expanding team of 65 employees building an international roadmap.
A market leader working with all the leading UK operators and Public Sector Authorities, the business has consistently doubled recurring revenue over the last three years and is expanding globally into Europe, the United States, the Middle East, and South East Asia. Listed as one of Linked
in’s Top Start-ups in Ireland, the company is currently hiring across engineering, commercial, and product teams.
Main image at top: CitySwift founders Brian O’Rourke and Alan Farrelly