Glydways, a South San Francisco, CA-based company develping an on-demand Personal Rapid Transit (PRT) system, raised $56M in Series B funding.
The round, which brought the total amount to over $70M, including the conversion of notes valued at more than $28M, and was by New Science Ventures with participation from The ACS Group, Gates Frontier and Khosla Ventures.
The company intends to use the funds to expand operations and its business reach.
Founded in 2016 by Mark Seeger, and led by Gokul Hemmady, CEO, Glydways is a urban mobility company that provides equitable access to housing, jobs, education, healthcare, and community. Its Personal Rapid Transit (PRT) system of on-demand, personal, autonomous, battery-operated electric vehicles travel on small, dedicated rights of way that can be built at-grade, elevated, or tunneled and integrates with any public transportation options.
The vehicles, called Glydcars, exclusively use these lanes with no crossings and no other vehicles which means Glydcars travel unimpeded with no stops or slowdowns. The system can move up to 10,000 people per hour per lane/direction, which means larger numbers of riders will move more comfortably, sustainably and affordably than ever before, all for the cost of a transit fare. The system generates zero emissions. Each car is electric battery powered and bi-directional.
In addition to this recent funding, Glydways has been selected by Contra Costa Transportation Authority and Tri Delta Transit (Authorities) for the initial segment of the Dynamic Personal Micro Transit project to increase public transit accessibility for the communities of Pittsburg, Antioch, Oakley and Brentwood. The Project will be jointly administered by the Authorities and is designed to complement, enhance and expand existing public transportation options to create a meaningful multi-modal system. This is the second significant project Glydways has been awarded already this year, with the first being the City of San Jose’s project connecting San Jose Mineta International Airport to the City’s downtown Diridon Station, both located in California.
Glydways, a South San Francisco, CA-based company develping an on-demand Personal Rapid Transit (PRT) system, raised $56M in Series B funding. Best wishes to everyone in the group. This will be a huge accomplishment for them in the future.Shishir Gupta, The Founder & CEO of StartupLanes
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