The investment that Cox Automotive has made in consumer mobility over the last handful of years continued with a major move on Thursday.
The company is the lead investor in a $28.61 million Series B funding round for Ridecell, a software platform used to run mobility services like carsharing, ridesharing and autonomous fleet management.
Additional participation in the round came from return investor Initialized Capital, along with industry partners DENSO, Penske, Deutche Bahn and Mitsui.
Thursday’s news follows a series of investments Cox Automotive has made in the space since 2014. Last year, the company invested in Ouster, which is building affordable LiDAR sensors used in autonomous vehicles.
In 2015, Cox Automotive invested in vehicle subscription provider Clutch, following a year where it led the Series B round for the Getaround car-sharing platform.
In 2014, Cox Automotive began incubating the Flexdrive subscription platform that is now a joint venture with Holman Enterprises.
“Cox Automotive’s strategic investment in Ridecell is another tangible move we are making in the mobility space, and a clear indication of our belief in Ridecell as a world-class provider of ridesharing and carsharing technology,” said David Liniado, who is Cox Automotive’s vice president of new growth and development, in a news release.
“Together, we will fill the missing link in the market for new mobility services that deliver cohesive management for the fleets of today and tomorrow,” he said.
Added Ridecell chief executive Aarjav Trivedi: “Our platform and mobility ecosystem improves scalability and profitability for a large number of companies and mobility brands that are journeying towards an autonomous future.
“We believe that collaborating with all of our investors, along with a diverse set of industry partners, is key to creating a valuable and meaningful mobility ecosystem.”