In a significant development for urban transportation, Glydways, a pioneer in on-demand Personal Rapid Transit (PRT), has unveiled its successful $56 million Series B funding round. Notably, this round includes the conversion of notes valued at over $28 million and is spearheaded by New Science Ventures.
The investment consortium also features The ACS Group and Gates Frontier, with Khosla Ventures, Glydways’ initial investor, participating as well. With this latest round, Glydways has now amassed more than $70 million in funding.
Empowering Public Transit Accessibility
In conjunction with this funding triumph, Glydways has earned recognition from the Contra Costa Transportation Authority and Tri Delta Transit, who have selected the company for a pivotal segment of the Dynamic Personal Micro Transit project.
This project aims to enhance public transit accessibility for rapidly growing communities in Pittsburg, Antioch, Oakley, and Brentwood. Administered jointly by these authorities, the initiative seeks to augment and diversify existing public transportation options, crafting a comprehensive multi-modal system. This marks Glydways’ second significant project win this year, following their selection by the City of San Jose for a project linking San Jose Mineta International Airport to the city’s downtown Diridon Station in California.
Gokul Hemmady, CEO of Glydways, expressed gratitude for the new investors, emphasizing the need for vision and belief in reshaping urban mass transit. He stressed that these partners, along with Khosla Ventures, understand the intricate dynamics of public transit and are well-suited to guide Glydways as they refine their technology for revolutionizing urban transportation.
A Revolution in Urban Mass Transit
NSV Managing Partner Somu Subramaniam acknowledged Glydways’ role in leading the urban mass transit revolution. Impressed with the company’s progress and technology, Subramaniam voiced confidence in Glydways’ value proposition for city planners worldwide.
Nuria Haltiwanger, CEO of ACS Infrastructure, recognized the strategic value of Glydways in transforming public transit for the benefit of communities.
A Solution for the Vast Majority
While 4,037 cities worldwide have a population density necessitating mass transit systems, only 194 of them (4.8%) possess a rail or metro system. Glydways has developed an innovative approach to urban mass transit, tailored to the 95% of cities globally lacking a solution. Their Personal Rapid Transit (PRT) system features on-demand, autonomous, battery-operated electric vehicles traveling on dedicated rights of way, which can be built at-grade, elevated, or tunneled and seamlessly integrate with public transportation options.
These Glydcars navigate exclusive lanes without crossings or interference, ensuring uninterrupted travel. The system boasts a capacity of up to 10,000 people per hour per lane/direction, delivering greater rider comfort, sustainability, and affordability than ever before, all at the cost of a transit fare. Importantly, Glydways’ approach creates net-new capacity, reducing overall traffic congestion. The Glydways system is cost-effective, with lower CAPEX requirements compared to rail or bus lane construction and reduced OPEX due to its on-demand nature. It’s an eco-friendly choice as well, with each electric battery-powered Glydcar designed for optimal range and minimal emissions.
- Glydways secures $56 million in Series B funding for its innovative Personal Rapid Transit (PRT) system.
- The project aims to revolutionize urban mass transit by providing affordable, sustainable, and accessible transportation solutions.
- Glydways has been selected for two significant projects in 2023, enhancing public transit in California.
- The company’s PRT system, featuring autonomous electric vehicles on dedicated lanes, can significantly reduce congestion and emissions while providing cost-effective public transportation.
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