Artificial intelligence (AI)-driven mobility management platform Spare has secured $10m in growth capital from CIBC Innovation Banking.
The funding will enable the on-demand transit software provider to expedite the expansion of AI-powered mobility solutions.
Spare will also utilise the capital to advance its mission of improving public transit accessibility and efficiency for people underserved by conventional transit systems.
CIBC Innovation Banking Toronto office director Josh Olawale said: “Spare’s AI-driven approach to mobility is both innovative and essential for the evolution of public transport systems around the world. We are excited to see how Spare will continue to contribute to more adaptable and efficient transportation solutions.”
Based in Canada, Spare supports transit agencies in launching on-demand services and modernising paratransit systems. The firm also helps in the customisation of reliable and compliant paratransit services through a portfolio of flexible software tools.
Public transit agencies use the Spare platform to deliver flexible and responsive transportation services that adapt in real-time. The services offer rides based on riders’ individual preferences.
Currently, the Spare platform leverages AI to schedule and dispatch vehicles, enabling transit agencies to offer transportation services that meet trip demand.
The new capital will help Spare to speed up its development of human-centric AI, making interactions with the platform more easier and helpful for both staff and riders.
Spare CEO Kristoffer Hansen said: “This strategic financing enables us to enhance our support for public transit agencies as they strive to serve historically underserved communities.
“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.”
