Galway-based public transport data company CitySwift has closed a €5m Series A funding round from existing investors and unveiled a new suite of products, including its Evolve module, which provides scenario planning for AI bus timetabling.
The funding round, led by Act Venture Capital with Declan Ryan's Irelandia Investments, former CarTrawler CEO Mike McGearty, Enterprise Ireland and the Western Development Commission, brings the company's total funding to date to €8.5m.
CitySwift said the funding would fast-track expansion plans to help the public transport sector build resilience against ongoing issues like fuel hikes, driver shortages, funding uncertainty, and Covid-19 recovery.
CitySwift in January expanded into North America by partnering with New York's Metropolitan Transportation Authority to improve passenger experience and reduce carbon emissions through data optimisation and passenger capacity predictions as part of a one-year pilot programme.
The company also works with all the leading UK operators and public sector authorities and operates in Europe, the Middle East and south-east Asia.
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"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 Brian O'Rourke, co-founder and CEO of CitySwift.
"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."
“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," he added.
"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."
In addition to Evolve the newly-launched suite of products includes movement patten simulation for matching frequency and demand, which the company said would result in 5x return on investment, a 45% reduction in late buses, and a 2% reduction in operating hours for clients.
CitySwift has also released the Discover offering, a range of dashboards catered to different pain points across transport organisations, including driver performance and demand forecasting.
According to the latest available accounts, Huddl Mobility Ltd, CitySwift's parent company, had net liabilities of €1.9m at the end of 2020, with close to €1.6m in cash and €2.5m in loan notes, after making a loss of just over €1m that year.
Photo: (l-r) CitySwift co-founders Brian O'Rourke and Alan Farrelly. (Pic: Michael Dillon)
