Alliance Ventures, the corporate venture capital fund of Renault-Nissan-Mitsubishi, announced a $5 million (Rs 36 crore) Series A investment in Coord, the US mobility data platform. The latest investment by Alliance Ventures is also supported by additional funding from Trucks, Urban.Us, DB Ventures and Joshua Schachter. They join Alphabet’s Sidewalk Labs, a previous investor in Coord.
Francois Dossa, Alliance global vice president, ventures and open innovation said, “This promising and fast-growing business fits exactly with our goal to support technology start-ups and business entrepreneurs focused on next-generation mobility services.”
Initially focused on reaching developers with their robust suite of APIs (Application Programming Interface), Coord intends to use this new financing to scale geographic coverage and build a comprehensive solution to enable enterprise customers to optimise their use of transportation infrastructures such as roads, curbs and parking lots.
The Capital Bikeshare service area, with a convex hull around all points.
Ryan Armbrust, Partner at Alliance Ventures said, “Coord is building vital digital infrastructure that not only helps existing transportation modes operate more efficiently, but also enables rapid experimentation with new modes like scooter-share and autonomous vehicles.”
Stephen Smyth, CEO of Coord said, “Alliance Ventures and others bring expertise across the transportation and urban technology sectors that will enable us to accelerate the adoption of mobility solutions in cities throughout North America.”