CIBC Innovation Banking Provides Spare With $10 Million in Growth Capital to Accelerate Expansion of AI-Driven Mobility Solutions
04 Junho 2024 - 11:00AM
Business Wire
CIBC Innovation Banking announced today it has provided $10
million in growth capital to Spare, a leading provider of on-demand
transit software. The funding will accelerate Spare's development
of Artificial Intelligence (AI) solutions, helping to advance its
mission to enhance public transit accessibility and efficiency for
people underserved by conventional transit systems.
Spare Platform allows public transit agencies to provide
flexible, responsive transportation services that adapt in
real-time, dispatching rides based on riders' individual needs.
This flexibility is crucial for individuals with limited access to
transit or those unable to use conventional transportation due to
disabilities. By facilitating efficient and safe travel for more
community members, transit agencies can ensure that everyone,
regardless of physical ability or geographic location, has equal
access to mobility.
Spare Platform already uses AI to dynamically schedule and
dispatch vehicles, enabling transit agencies to offer
transportation services that respond to trip demand. With the
injection of capital, Spare will speed its development of
human-centric AI, making interactions with the platform more
intuitive and helpful for staff and riders alike.
“Spare’s AI-driven approach to mobility is both innovative and
essential for the evolution of public transport systems around the
world,” said Josh Olawale Director in CIBC Innovation Banking’s
Toronto office “We are excited to see how Spare will continue to
contribute to more adaptable and efficient transportation
solutions.”
The infusion of growth capital from CIBC Innovation Banking is
timely as it aligns with demographic shifts towards an aging
population, underscoring the growing need for specialized transit
services.
"This strategic financing enables us to enhance our support for
public transit agencies as they strive to serve historically
underserved communities,” said Spare CEO Kristoffer Vik Hansen. “We
believe that embracing AI opens up the possibility of transit
becoming so convenient and efficient that personal car ownership
becomes unnecessary, truly providing equitable transit for
everyone."
About CIBC Innovation Banking
CIBC Innovation Banking delivers strategic advice, cash
management and funding to innovation companies across North
America, the UK, and select European countries at each stage of
their business cycle, from start up to IPO and beyond. With offices
in Atlanta, Austin, Boston, Chicago, Denver, Durham, London, Menlo
Park, Montreal, New York, Reston, Seattle, Toronto and Vancouver,
the team has extensive experience and a strong, collaborative
approach that extends across CIBC’s commercial banking, private
banking, wealth management and capital markets businesses.
About Spare
Spare empowers transit agencies to launch on-demand services and
modernize specialized (paratransit) transit systems, enhancing
accessibility and efficiency for those underserved by traditional
transit options. Through a suite of flexible software tools, Spare
enables the customization of reliable and compliant paratransit
services. Having facilitated over 10 million rides globally, Spare
is recognized as a trusted partner by transit agencies worldwide
including Dallas Area Rapid Transit, CapMetro (Austin), Winnipeg
Transit, AC Transit, and Bay Area Rapid Transit. For more
information, please visit www.sparelabs.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240604815267/en/
Beth McKay, beth.mckay@cibc.com, 416-552-1391
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