CitySwift raises additional £1.8m funding
CitySwift, a big data and machine learning firm for the public transport sector, has closed a funding round of £1.8m, bringing funding to date to £3.2m.
The round was led by Irelandia Investments and Act Venture Capital, along with other notable transportation investors and entrepreneurs. All investors have been involved in both of CitySwift’s funding rounds.
CitySwift’s specialist data engine is used by a number of the large listed passenger transport companies. It has recently been rolled out by National Express West Midlands – the largest bus operator in the UK outside London – and Go-Ahead Group, who have collective revenues of over £6bn, where it is being used to reduce operating costs and increase reliability.
The technology has enabled an agile response to social distancing measures and lockdown restrictions arising from Covid-19 being eased – assisting the operators in planning and reacting to the new normal.
Dynamic public transport planning and optimising operations through data is set to play the main role in the recovery and new future of public transportation and mobility in cities, and CitySwift plans to be at the very foundation of this transport evolution.
Created and supported by industry experts, the CitySwift data engine uses big data and machine learning to increase network performance, service reliability and passenger satisfaction. It augments and seamlessly integrates with existing bus technology systems, providing a deeper understanding of network performance and enhanced network planning with significantly reduced timescales.
On partnering with CitySwift, Andy Foster, Deputy Commercial Director for National Express West Midlands, stated: “We decided to roll out the CitySwift platform across our entire network to help network planners and schedulers respond more quickly to changes in demand. CitySwift will help us optimise our network for the short-, medium- and long-term, so we can deliver the best and safest possible service for our customers.”