CitySwift, the Galway-based leader in data intelligence for the public transport sector, has announced the closing of its latest funding round, securing €7 million. The round was led by Gresham House Ventures, a growth equity investor specialising in scaling businesses across a range of sectors in Ireland and the UK, investing €5 million.
CitySwift is a transport data platform that increases the performance of public transport networks using AI-powered analytics, simulations and optimisations. They work with public sector transport authorities and private bus operators to break down the barriers to accessing and interpreting transport data.
Brian O’Rourke, Co-founder and CEO at CitySwift, said: “Public transport services have to be reliable and efficient to drive passenger growth, and key to this is leveraging AI and data to ensure the transport networks of the future meet ever-changing customer needs. This investment is a massive vote of confidence in CitySwift’s platform and people. It will support us in expanding our team so we can continue to deliver the best transport data product and service for both authorities and operators, further positioning CitySwift as the catalyst for growing demand for public transport.”
The investment will be used to accelerate CitySwift’s growth, with the company planning to double headcount in the next two years. Additionally, these funds will go towards enabling the firm to further scale its platform development and end-to-end client services, securing the company’s reputation as the leading transportation data innovators in the Irish and global markets.
Speaking on the announcement, Benjamin Faulkner, Associate Director at Gresham House Ventures, said: “CitySwift’s growth in recent years has been impressive, and the team’s knowledge of both bus networks and data science makes this a compelling and unique proposition. With our experience working with other transport and mobility data businesses, we look forward to supporting CitySwift as it continues to deliver real-world benefits for transport passengers across the UK, Ireland and global markets over the coming years.”
The investment continues a busy period of dealmaking for Gresham House Ventures and extends its investment activity in the transport and intelligent data areas. The Gresham House Ventures existing investment portfolio includes VivaCity, FocalPoint and Branchspace.
