Alliance Ventures, the strategic venture capital arm of Renault-Nissan-Mitsubishi, said Monday that it invested in the latest round of funding for Transit, a multimodal transportation application company in Montreal.
The mobile app is a one-stop shop for more than 175 metropolitan areas around the world, providing users with real-time transportation data. Led by Alliance Ventures, the Series B investment raised over $17 million and accelerates the startup company’s mission of helping people reach destinations without using a car, a Transit spokesman said in an email.
He said three other investors, InMotion Ventures, Accel and Real Ventures, contributed to the funding.
Transit CEO Sam Vermette said in a statement: “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.”
A spokeswoman for Alliance Ventures declined to disclose the investment amount. However, she said in an email that the investment fits with its “September 2017 ‘Alliance 2022’ strategic plan to become a leader in robo-vehicle ride-hailing mobility services and a provider of vehicles for public transit use and car-sharing.”
In another automotive tech announcement, Hyundai Cradle, Hyundai Motor Co.’s corporate venture business, said on Monday it invested in allegro.ai, an Israeli company specializing in deep learning-based computer vision. Financial details were not disclosed.