DENSO invests in Mobility as a Service Company Ridecell
Dec. 20, 2017 News Releases
SOUTHFIELD, Mich. – Global automotive supplier and technology leader DENSO continues to re-shape how we navigate everyday life by developing solutions in-house and through strategic investments. Today the company announced it will invest in Ridecell, the leading platform for carsharing and ridesharing operators, as a significant contributor to the company’s recent Series B funding round.
Ridecell technology provides an easy platform for automakers, auto dealerships, and other new mobility providers to launch and operate mobility solutions, such as carsharing or ridesharing programs. To-date, DENSO has now provided funding to startups focusing on four core areas: autonomous driving, connected vehicles, cybersecurity, and mobility and IoT.
“The transportation and automotive startup community has transformed over the past few years, and mobility is at the core,” said Tony Cannestra, Director of Corporate Ventures at DENSO. “Established industry leaders and startups need to work together to craft products and solutions ushering in the future of transportation. DENSO believes that Ridecell provides a foundational technology for the future of mobility.”
Ridecell integrates technology to automate the end-to-end process of carsharing or ridesharing programs, from registration to scheduling and payment. DENSO’s investment will help mature the company’s offerings.
“Ridecell and DENSO share a vision of safer, more efficient and sustainable mobility solutions,” said Aarjav Trivedi, CEO of Ridecell. “Through our corporation with DENSO, we’ll continue to develop a platform making it easier for cities, campuses and mobility providers to build and scale carsharing and ridesharing programs.”
The investment represents the latest milestone fulfilling DENSO’s goal to bring innovative solutions to market that benefit the automotive industry and consumers. DENSO opened a Silicon Valley office in 2011, and in 2014 created a dedicated team to pursue investment opportunities with entrepreneurs and startup companies. DENSO also lends expertise and monetary support at three technology incubators – Lemnos Labs, Prospect Silicon Valley and NextEnergy.
The company continues to evaluate new solutions and investment opportunities in Silicon Valley, Detroit and beyond as part of its innovation efforts.
About DENSO Corporation
DENSO is a $48.3 billion global mobility supplier that develops advanced technology and components for nearly every vehicle make and model on the road today. With manufacturing at its core, DENSO invests in its 221 facilities in 35 countries to produce thermal, powertrain, mobility, electrification, & electronic systems, to create jobs that directly change how the world moves. The company's 170,000+ employees are paving the way to a mobility future that improves lives, eliminates traffic accidents, and preserves the environment. Globally headquartered in Kariya, Japan, DENSO spent 9.3 percent of its global consolidated sales on research and development in the fiscal year ending March 31, 2019. For more information about global DENSO, visit https://www.denso.com/global.
In North America, DENSO employs 27,000+ engineers, researchers and skilled workers across 31 sites in the U.S, Canada and Mexico. In the United States alone, DENSO employs 17,000+ employees across 13 states and 25 sites. Headquartered in Southfield, Michigan, in fiscal year ending March 31, 2019, DENSO in North America generated $10.9 billion in consolidated sales. Join us, and craft not only how the world moves, but also your career. For more information, go to https://www.denso.com/us-ca/en/.