TL;DR:
- Galway-based CitySwift concludes a €7 million funding round, totaling €14 million in funding.
- CitySwift employs AI and machine learning to predict journey times and optimize public transport routing.
- Gresham House Ventures leads the funding with €5 million, joined by existing investors.
- CitySwift reports a 150% customer base growth in the last year, expanding its services across major UK cities.
- CEO Brian O’Rourke highlights the importance of AI and data in meeting evolving customer needs.
Main AI News:
Galway-based CitySwift has successfully concluded its most recent funding round, securing an impressive €7 million in investment. This achievement elevates the company’s total funding to a substantial €14 million. CitySwift is dedicated to revolutionizing public transportation through the application of artificial intelligence and machine learning.
CitySwift’s primary goal is to enhance the predictability of journey times and passenger demand by harnessing the power of cutting-edge technology. This, in turn, results in the optimization of routing solutions for transportation authorities and operators. In essence, CitySwift can be likened to a Waze for public transportation, providing efficient and intelligent routing solutions.
The leading investor in this round is Gresham House Ventures, who significantly contributed €5 million. Additionally, all existing investors, including Irelandia Investments, the Western Development Commission, and ACT Venture Capital, have demonstrated their continued support for CitySwift’s vision.
Over the past 12 months, CitySwift has experienced remarkable growth, boasting a customer base expansion of 150%. The company now serves as a vital component of transportation networks in major UK cities such as London, Manchester, Birmingham, Belfast, and the entirety of Wales.
CitySwift’s Co-founder and CEO, Brian O’Rourke, emphasized the importance of reliability and efficiency in public transport services. He highlighted the pivotal role that AI and data play in meeting the ever-evolving needs of passengers. O’Rourke expressed his gratitude for the significant investment, which demonstrates unwavering confidence in CitySwift’s platform and team. This substantial funding will enable the expansion of their workforce, further solidifying CitySwift’s position as the catalyst for the surging demand for public transport solutions.
Conclusion:
The €7 million funding secured by CitySwift demonstrates strong investor confidence in the company’s AI-driven public transport optimization platform. This substantial investment will enable CitySwift to further expand its services and workforce, solidifying its position as a key player in meeting the growing demand for efficient public transport solutions in the market.
