KINSALE, Ireland, Dec. 14, 2010 /PRNewswire/ -- Avego™, a global provider of software and hardware for improving the efficiency of passenger transportation, today announced $5.6 million in venture capital funding in a round led by SOSventures.
The company is best known for Avego Shared Transport, the only ridesharing application that matches drivers and riders in real time as they travel, allowing commuters to rideshare whenever they want, from wherever they are; as well as Futurefleet™, an end-to-end, next generation real-time management system for passenger transport operators.
"For our company to expand from enabling transport options for millions of people, to enabling tens or hundreds of millions of people, will take several more years," said Avego Managing Director Sean O'Sullivan. "Along with our annual triple digit revenue growth in customers and in deployments, this investment will help solidify our lead in producing great products that change the world."
Avego has experienced rapid growth after first releasing its products commercially in 2009. In less than two years, the Avego transport platform has successfully carried millions of passengers, while generating tens of millions (USD) in passenger revenue.
Avego's real-time information systems combine GPS devices, mobile phones and Internet technologies to make seat capacity known and available to passengers, provide convenient ticket purchasing options, and enable extensive reporting capabilities for transportation providers.
Avego had previously raised seed capital of $4.5 million. The new funds will be used for Avego's continued global expansion and product development.
"SOSventures looks for game-changing, ground-breaking new markets created by disruptive technologies," said Cyril Ebersweiler, SOSventures partner. "Every day, billions of people waste time and money because of inefficient personal transport. Avego is solving a big problem."
Shared Transport has been used by thousands of people in more than 65 countries worldwide and was recently chosen by the State of Washington Department of Transportation (WSDOT) for its go520 Real-time Ridesharing Pilot Project. SR 520 is one of two east-west roadways across Lake Washington and carries 115,000 vehicles (190,000 people) each day.
Avego Futurefleet™ allows riders to confidently plan their journeys, and operators to manage and streamline fleet operations. Futurefleet can be quickly deployed across large and small fleets, at a fraction of the cost of traditional, legacy solutions.
Founded in 2007, Avego (www.avego.com) is a multinational company with offices in the United States (Washington, Silicon Valley and San Diego), Ireland (Kinsale and Dublin) and China (Dalian and Shenzhen). The company already has been issued three patents on their unique technology, with many more pending. Avego's customers include cities, governments and public transport operators in the United States, China and the UK, and thousands of individual consumers and private transport operators.
SOSventures is a venture capital firm and investment management firm with a 18-year track record of investments in the software, telecommunications, and technology fields. The firm has a blended return of 27% per annum over the period from inception until 2010. SOSventures has investment partners in the US, Europe and Asia, and invests worldwide.