rideOS announces $25M Series B led by Next47 to advance the rollout of self-driving cars in Europe
Transportation technology platform raises Series B from Next47, Siemens' venture arm, with participation from Sequoia Capital and ST Engineering Ventures
SAN FRANCISCO, Aug. 2, 2018 /PRNewswire/ -- rideOS, a technology platform designed to accelerate the safe, global roll-out of next-generation transportation fleets, today announced it has raised $25 million in Series B funding. Next47, the Siemens-backed global venture firm, led the round with participation from existing investor Sequoia Capital and a new investor, Singapore-based ST Engineering Ventures. Next47 will join the rideOS board and will be integral in guiding rideOS in European transportation markets. The Series B investment brings rideOS' total funding to $34 million.
The investment from Next47 will be used to help rideOS expand its services to global transportation markets. Through Next47's Catalyst organization, a global team dedicated to leveraging the Siemens ecosystem in order to help startups achieve their business goals, rideOS will benefit from Siemens' global presence, longstanding partnerships, and strategic involvement. Next47 will also be integral to rideOS' mission to accelerate the safe, global rollout of self-driving cars through its presence in major cities on nearly every continent. Next47 will be able to provide rideOS with global support and deep expertise in industrial and infrastructure technology to help rideOS complete the self-driving car stack.
"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."
The Series B closely follows two key partnership announcements with Autonomic, a Ford subsidiary, and Singapore's ST Engineering. rideOS and ST Engineering have partnered to expedite the safe rollout of autonomous mobility systems in Singapore, and ST Engineering Ventures' subsequent participation in rideOS' Series B serves as additional validation of the companies' strong commitment to creating a global collaborative framework for a next generation traffic control system for self-driving vehicles.
"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 rideOS CEO and co-founder, Justin 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, who led rideOS' Series A. "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."
About rideOS
rideOS designs and builds next generation marketplace and mapping services that can be utilized by ride hailing companies, OEMs, logistics providers, and governments to operate on-demand transportation services for both self-driving and human-operated fleets. rideOS's mission is to accelerate the safe, global roll-out of next generation transport. For more information about rideOS, visit rideos.ai
About Next47
Next47 is a global venture firm created by Siemens that invests in, and partners with, entrepreneurs who think big and build industry-defining companies. With offices in Boston, Beijing, London, Munich, Paris, Palo Alto and Stockholm, Next47 gives start-ups unparalleled access to one of the world's largest portfolios of customers in the areas of industry, energy and infrastructure as well as domain expertise in the deep technologies that impact those customers. For more information about Next47, visit https://next47.com/
SOURCE rideOS
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