CitySwift, the Galway-based leader in data and artificial intelligence for the public transport sector, today announces the closure of its Series A funding round of €5M, bringing total funding to date to €8.5M.
Led by Act Venture Capital with all existing investors following including Declan Ryan’s Irelandia Investments, Mike McGearty, former CEO of CarTrawler, Enterprise Ireland and the Western Development Commission, 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
Brian O’Rourke, CitySwift Co-Founder and CEO commented, “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. 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. 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.
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 ROI, 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.
The company has also released the Discover offering, a range of dashboards catered to different pain points across transport organisations. These dashboards, which are already driving a massive spike in usage across CitySwift’s existing client base, include driver performance for punctuality insights and driver retention, and demand forecasting for understanding how service changes will impact passenger demand and revenue.
These new and upgraded products will help CitySwift to realise its vision of reducing global emissions from transport, supporting public transport networks to attract more people to choose public transportation over private car use.
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 3 years and is expanding globally into Europe, the United States, the Middle East, and South East Asia. Listed as one of Linkedin’s Top Startups in Ireland, the company is currently hiring across Engineering, Commercial, and Product teams.