Alliance Ventures Invests in Transit to Advance Multi-Modal Transportation and Mobility-as-a-Service

PR76121

PARIS, TOKYO, and YOKOHAMA, Japan, Nov. 6, 2018, /PRNewswire=KYODO JBN/--

Transit's mobile app aggregates and maps real-time transportation data,

functional in more than 175 metropolitan areas around the world.  

Alliance Ventures, the strategic venture capital arm of

Renault-Nissan-Mitsubishi, has announced today that it has invested in the

latest round of funding in Transit, a multi-modal transportation mobile app

company based in Montreal, Canada. This marks the latest technology investment

by Alliance Ventures, launched earlier this year to support start-ups,

early-stage development and entrepreneurs at the cutting edge of

next-generation systems for the automotive industry.

     (Logo:

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François Dossa, Alliance Global Vice President, Ventures and Open innovation,

said: "We are pleased to make a strategic investment in Transit, the leading

urban mobility navigation start-up in North America. This investment, which

will advance Transit's efforts to make mobility seamless and accessible in

cities, fits with the Alliance 2022 strategy to become a leader in robo-vehicle

ride-hailing mobility services and a provider of vehicles for public transit

use and car-sharing."

Sam Vermette, chief executive of Transit, added:  "New modes of mobility are

entering the market at record speeds. It took decades for car-sharing to catch

on. Now, e-bikes and scooters are being rolled out in weeks. This is an

exciting time, as Transit helps people navigate their new mobility options. We

look forward to working closely with Renault-Nissan-Mitsubishi as Transit

grows."

Transit's mobile app platform enables multi-modal transportation, integrating

public transit, ride-hailing, bike-sharing, and scooter-sharing. By combining

real-time data from transit agencies with user crowdsourcing, Transit provides

the most accurate information. Users enable GO, a function to get real-time

notifications for their ride. Transit then tracks the real-time location of the

vehicle and notifies the user when to leave for their stop, when to disembark,

and sends adjusted ETAs. The investment reflects the capability of Transit in

advancing multi-modal transportation as new modes of mobility rapidly enter the

market. Transit is seen as a leader in its field, servicing more than 175

metropolitan areas globally.

https://www.alliance-2022.com/news/alliance-ventures-invests-in-transit-to-advance-multi-modal-transportation-and-mobility-as-a-service-strategy/

Source: Renault-Nissan-Mitsubishi