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, popular transportation app company based in Montreal.
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.
“We are pleased to make a strategic investment in Transit, the leading urban mobility navigation start-up in North America,” said François Dossa, Alliance’s Global VP. “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.”
Transit’s app enables multi-modal transportation, integrating public transit, ride-hailing, bike-sharing, and scooter-sharing. It combines real-time data from transit agencies with user crowdsourcing
“New modes of mobility are entering the market at record speeds. It took decades for car-sharing to catch on,” said Transit’s Sam Vermette. “Now, e-bikes and scooters are being rolled out in weeks. This is an exciting time.”
Transit users can 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.