DENSO Invests Again in Ridecell, Reinforces Commitment to New Mobility Solutions

Dec. 3, 2020

Participation in Series C financing round signifies DENSO’s focus on collaborative development and accelerating innovation

SOUTHFIELD, Mich. (Dec. 3, 2020)DENSO, a leading mobility supplier, today announced it has invested again in mobility platform developer Ridecell as part of the company’s Series C financing round. DENSO first invested in Ridecell, which helps commercial fleets digitally transform their operations, in 2017.

DENSO’s investments strengthen ties between the companies and allow each to accelerate advances in connected solutions for mobility providers. These advancements are particularly useful to fleet operators looking for more seamless and efficient ways to manage fleet data, automate workflows and ensure secure vehicle access.

“Working with Ridecell and their fleet customers has been invaluable as we advance the development and commercialization of new mobility services,” said Rob Wunsche, director of Mobility Platform Services and New Product Innovation at DENSO. "When DENSO invests in partners, our mission is to leverage each other's strengths to innovate, and with Ridecell, that translates to a powerful set of solutions for fleet owners."

Ridecell’s ability to provide data insights and workflow automation for fleets, motor pools and trucking and logistics companies comes at a time when digital solutions are more important than ever. COVID-19 has raised consumer and enterprise rental demand, and increased the need for contactless reservation and entry and drop-off solutions in the shared vehicle market.

“The leading fleets in the world were already working on digital transformation,” said Aarjav Trivedi, CEO of Ridecell. “COVID-19 created an urgent need for them to accelerate digital access to their fleets, reduce risk by enabling self-service touch-less monetization across B2B and B2C business models, and reduce costs through automation. For Ridecell, it created opportunities to help many customers and partners quickly meet the shifting consumer and enterprise demand for fleet operations automation and contactless commerce. We are excited to continue that momentum, and welcome our C-round investors to our team as we deliver the premier technology platform for mobility companies and fleet operators in a post-pandemic era.”

Despite the challenges posed this year by COVID-19, DENSO remains committed to its Second Founding, the company’s strategy to enrich mobility and meet the evolving needs of its customers. As part of this, DENSO’s collaborative development with partners can help it expand into new mobility areas and build new revenue streams, all while making transportation safer, greener and more efficient for all. DENSO’s investment in Ridecell supports such efforts.

In November, DENSO also invested in Lambda:4, a German developer of wireless positioning technologies often used in search and rescue missions, to strengthen its passive digital key.

About DENSO
DENSO is a $47.6 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 200 facilities 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 9.9 percent of its global consolidated sales on research and development in the fiscal year ending March 31, 2020. For more information about global DENSO, visit https://www.denso.com/global.

In North America, DENSO is headquartered in Southfield, Michigan, and employs 27,000+ engineers, researchers and skilled workers across 51 sites in the U.S, Canada and Mexico. In the United States alone, DENSO employs 17,700+ employees across 14 states (and the District of Columbia) and 41 sites. In fiscal year ending March 31, 2020, DENSO in North America generated $10.9 billion in consolidated sales. DENSO is committed to advancing diversity and inclusion inside the company and beyond – a principle that brings unique perspectives together, bolsters innovation and pushes DENSO forward. Join us, and craft not only how the world moves, but also your career: densocareers.com. For more information, go to https://www.denso.com/us-ca/en/.

About Ridecell
Ridecell helps companies build and operate profitable mobility businesses. With the company’s High-yield Mobility™ toolkit of intelligent software, business services, and ecosystem partners, Ridecell customers maximize three key profit drivers: customer experience; fleet utilization; and operational efficiency.

Founded in 2009, today Ridecell powers some of the most successful shared mobility services in cities across Europe and North America. These services include Gig Car Share from AAA, ZITY from Ferrovial and Groupe Renault.

Ridecell is headquartered in San Francisco, California, with more than 170 employees in offices across the globe.