Toyota subsidiary Woven Capital has made an investment in Ridecell, a US based Internet of Things automation platform for fleet-driven businesses.
Woven Capital is the investment arm of the Woven Planet Group, the Toyota owned organisation established to build “the safest mobility in the world”. It is an $800 million global investment fund that supports innovative, growth-stage companies in mobility, automation, artificial intelligence, data and analytics, connectivity, and smart cities.
Ridecell is used by some of the most successful fleet businesses in cities across Europe and North America, notably US west-coast based Gig Car Share which offers fuel-efficient vehicles through a transportation as a service model. Ridecell is headquartered in San Francisco, with offices in Madrid, Paris, Berlin, and Pune, India.
Michiko Kato, Principal, Woven Capital, says, “Ridecell is accelerating the digital transformation of a key part of the mobility industry – creating a comprehensive platform that connects fleets and automates workflow at scale. We are excited to invest in Ridecell and explore collaborative opportunities together, as we continue to focus on innovative technology that delivers safe, secure, efficient, and seamless mobility for all.”
Aarjav Trivedi, founder, and CEO of Ridecell, adds, “This investment with Woven Capital will be highly strategic as Ridecell continues to expand into new markets. We are excited to have Woven Capital as our investor to bring Ridecell automation and mobility innovations that use automation and digital vehicle control to help create safe and secure mobility.”
Starting business in January 2021, the Woven Planet Group is an expansion of the operations of Toyota Research Institute.