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

PARIS,TOKYO,and YOKOHAMA,Japan,November 5,2018 --

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.

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/