DENSO has announced it will invest in Ridecell, the leading platform for carsharing and ridesharing operators, as a significant contributor to the company’s recent Series B funding round.
Ridecell technology provides an easy platform for automakers, auto dealerships and other new mobility providers to launch and operate mobility solutions, such as carsharing or ridesharing programs. To date, DENSO has now provided funding to startups focusing on four core areas: autonomous driving, connected vehicles, cybersecurity, and mobility and IoT.
“The transportation and automotive startup community has transformed over the past few years, and mobility is at the core,” said Tony Cannestra, director of corporate ventures at DENSO. “Established industry leaders and startups need to work together to craft products and solutions ushering in the future of transportation. DENSO believes that Ridecell provides a foundational technology for the future of mobility.”
Ridecell integrates technology to automate the end-to-end process of car-sharing or ride-sharing programs, from registration to scheduling and payment. DENSO’s investment will help mature the company’s offerings, the company says.
“Ridecell and DENSO share a vision of safer, more efficient and sustainable mobility solutions,” said Aarjav Trivedi, CEO of Ridecell. “Through our corporation with DENSO, we’ll continue to develop a platform making it easier for cities, campuses and mobility providers to build and scale carsharing and ride-sharing programs.”
The company says the investment represents the latest milestone fulfilling DENSO’s goal to bring innovative solutions to market that benefit the automotive industry and consumers. DENSO opened a Silicon Valley office in 2011, and in 2014 created a dedicated team to pursue investment opportunities with entrepreneurs and startup companies. DENSO also lends expertise and monetary support at three technology incubators – Lemnos Labs, Prospect Silicon Valley and NextEnergy.
The company continues to evaluate new solutions and investment opportunities in Silicon Valley, Detroit and beyond as part of its innovation efforts.
