Woven Capital, LP has made an investment in Ridecell Inc., a leading platform powering digital transformations and IoT automation for fleet-driven businesses. Toyota’s 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 powers some of the most successful fleet businesses in cities across Europe and and North America, including Gig Car Share from AAA. Ridecell is headquartered in San Francisco, with offices in Madrid, Paris, Berlin, and Pune, India.
Michiko Kato, Principal, Woven Capital, says: “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. 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.”
Aarjav Trivedi, founder, and CEO of Ridecell, adds: “This investment with Woven Capital will be highly strategic as Ridecell continues to expand into new markets. 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.”
The Woven Planet Group is on a mission to design a happier planet through secure, connected mobility solutions. Starting business in January 2021, the Woven Planet Group is an expansion of the operations of Toyota Research Institute.