>>
Technology>>
It service>>
Alibaba assist Optibus in Its ...Chinese e-commerce giant Alibaba Group is helping an Israel-based startup, Optibus in its Fundraising Round. Optibus is looking to expand its software portfolio which is exclusively designed to improve public transport networks. The announcement was public on Wednesday.
The biggest investor of the second round fundings was Insight Venture Partners which raised $40 million.
Optibus provides real-time information through their software which is similar to how a passenger can watch their Lyft or Uber car arrive, so the fresh funds can help the company to improve the service quality, cut down fuel costs and optimize overall efficiency.
The company was incorporated less than five years ago and now it sells its software in 300 cities which includes LA, London,and Washington DC.
As per Amos Haggiag, co-founder of Optibus, costs can be minimized and saved by 3 to 20% by being more efficient. But, nowadays there has been a lot of fuel wastage.
The last time Optibus raised $12milllion over a year ago and the funding round was led by Verizon Ventures since then the company has doubled its employees to 75 and revenues have grown about five times.
Optibus helps the users in various cities to have a detailed, bird’s eye view of scheduling and routing for their public transport network.
The funding round will definitely help the startup to expand presence across the world.