Sunday 25th July 2021

Woven Capital invests in Ridecell for global growth in IoT-driven automation for mobility and fleets

Published on June 17th, 2021

Woven Capital, L.P. has invested an undisclosed sum in Ridecell Inc., a platform powering digital transformations and IoT automation for fleet-driven businesses.

Woven Capital is a US$800 million (€666.88 million) global investment fund that supports innovative, growth-stage companies in mobility, automation, artificial intelligence, data and analytics, connectivity, and smart cities. It is the investment arm of the Woven Planet Group, a Toyota subsidiary which is dedicated to building the safest mobility in the world. Along with the investment, Ridecell and the Woven Planet Group will explore collaborative opportunities in mobility service operations.

“Ridecell is accelerating the digital transformation of a key part of the mobility industry creating a comprehensive platform that connects fleets and automates workflow at scale,” says Michiko Kato, principal, Woven Capital. “We are excited to invest in Ridecell and explore collaborative opportunities together, as we continue to focus on innovative technology that delivers safe, secure, efficient, and seamless mobility for all.”

“This investment with Woven Capital will be highly strategic as Ridecell continues to expand into new markets,” says Aarjav Trivedi, founder, and CEO of Ridecell. “We are excited to have Woven Capital as our investor to bring Ridecell automation and mobility innovations that use automation and digital vehicle control to help create safe and secure mobility.”

Ridecell’s automation and mobility platform allows businesses to create a unified view of their vehicle fleets from deployed telematics, fleet management, and internal systems and use the consolidated insights to automate business and operational workflows. The platform furthers digital transformation and turns data overload into automated and efficient business operations.

Ridecell Inc.’s IoT-driven automation and mobility platform helps businesses modernise and monetise their fleets by combining data insights with digital vehicle control to turn today’s manual processes into automated workflows. The aim is unmatched levels of efficiency and control for shared services, motorpool, rental, and logistic fleets.

Today Ridecell powers some of the most successful fleet businesses in cities across Europe and North America, including Gig Car Share from AAA. Ridecell is headquartered in San Francisco, with offices in Madrid, Paris, Berlin, and Pune, India.

The Woven Planet Group is on a mission to design a happier planet through secure, connected mobility solutions. Starting business in January 2021, the Woven Planet Group is an expansion of the operations of Toyota Research Institute – Advanced Development, Inc. dedicated to bringing its vision of “Mobility to Love, Safety to Live” to life.

Under this shared goal the four companies of the Woven Planet Group, Woven Planet Holdings, Woven Core, Woven Alpha and Woven Capital are transforming how people live, work, and move through new innovations and investment in automated driving, robotics, and smart cities.

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