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Woven Capital, L.P. announced that it has made an investment in Ridecell Inc., a leading platform powering digital transformations and IoT automation for fleet-driven businesses. Woven Capital 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. It is the investment arm of the Woven Planet Group, a Toyota subsidiary which is dedicated to building the safest mobility in the world. Along with the investment, Ridecell and the Woven Planet Group will explore collaborative opportunities in mobility service operations.
"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," said Michiko Kato, Principal, Woven Capital. "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."
"This investment with Woven Capital will be highly strategic as Ridecell continues to expand into new markets," said Aarjav Trivedi, founder, and CEO of Ridecell. "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."
Ridecell's automation and mobility platform allows businesses to create a unified view of their vehicle fleets from deployed telematics, fleet management, and internal systems and use the consolidated insights to automate business and operational workflows. The platform furthers digital transformation and turns data overload into automated and efficient business operations.