CitySwifter, the Galway-based tech company that improves the efficiency and service quality of urban public transportation systems, is announcing the closing of a major funding round led by Irelandia Investments, ACT Venture Capital, Mike McGearty (former CEO of CarTrawler), and other notable Irish transport entrepreneurs. CitySwifter is also supported by Enterprise Ireland and has received funding from the Western Development Commission‘s Western Investment Fund.
The round was fuelled by traction in the UK market, with a number of the largest publicly listed, UK-based multinational transport companies signing up to the service. Coupled with that interest is the growing change in the public transport industry towards providing consumers with smarter transportation through technology. CitySwifter has already analysed data and optimised urban bus networks in eight of the UK’s largest cities, and with this investment they are on track to become the leader in “data-driven decision making” for bus networks globally.
CitySwifter uses Big Data and Predictive Analytics to optimise high-frequency, urban bus networks. Bus companies around the world have only three timetables on average (Monday-Friday, Saturday and Sunday), despite constant fluctuations in passenger demand, journey times and average speeds. This results in bus companies constantly over- or undersupplying the market. Using its advanced technology, CitySwifter is able to create an improved supply and demand equilibrium, with accurate capacity predictions and vehicle requirements optimisation. This solution generates measurable improvements in efficiency, and reduces the costs associated with providing the highest-quality public transport service in large cities.
Brian O’Rourke, co-founder and CEO of CitySwifter stated, “We’re delighted to close this venture capital funding round with participation from some of Ireland’s most experienced entrepreneurs and investors. Beginning with expansion beyond the eight cities in the UK where we have successfully scaled our operations, this funding gives us an opportunity to grow and continue to help large public transportation companies and authorities globally to revamp bus networks for both business and passenger level service improvements”.
Mike McGearty, former CEO of CarTrawler, has invested in CitySwifter and has also been appointed as Chairman of the Board. He vocalised his support for CitySwifter stating, “CitySwifter has the potential to be one of Ireland’s next big success stories on the Irish tech scene. They already have an impressive list of major UK clients and advantageous changing market trends on their side. Alan, Brian and the rest of the early-stage team have got the required domain knowledge, technology expertise and focus on execution to drive the business forward through the next phases of growth”.
The company plans to recruit tech and commercial talent from around the world to join them in their Galway headquarters where the company intends to double headcount from their current team this year by hiring 12 new employees. The ideal candidates would work with high-level software development or data science. CitySwifter is also working towards opening offices in London and New York.
For more information on careers with CitySwifter, see here: https://cityswifter.com/careers.php