Glydways, a pioneering developer of on-demand Personal Rapid Transit (PRT) systems, has successfully raised $56 million in a Series B funding round, including the conversion of notes valued at over $28 million. The round was led by New Science Ventures, with participation from The ACS Group, Gates Frontier, and Glydways’ first investor, Khosla Ventures.
This latest investment brings the total raised by Glydways to over $70 million. Glydways plans to use this funding to further develop and refine its technology to revolutionize urban mass transit.
Glydways has recently been selected by Contra Costa Transportation Authority and Tri Delta Transit for the Dynamic Personal Micro Transit project, aiming to enhance public transit accessibility in Pittsburg, Antioch, Oakley, and Brentwood.
This project follows Glydways’ collaboration with the City of San Jose on a transit project connecting San Jose Mineta International Airport to the city’s downtown Diridon Station.
The Glydways system, known as Glydcars, operates on small, dedicated rights of way and offers on-demand, personal, autonomous, battery-operated electric vehicles. These vehicles travel unimpeded on dedicated lanes with no crossings, providing efficient and rapid transit without stops or slowdowns.
The system can move up to 10,000 people per hour per lane/direction and can be integrated with any public transportation options. Glydways’ approach offers an affordable and sustainable solution for urban mass transit, significantly reducing traffic congestion and emissions.
Nuria Haltiwanger, CEO for ACS Infrastructure, stated, “As a world-leading infrastructure business, we can see the strategic value of Glydways and how it will transform public transit for the benefit of the communities it will serve.”
Glydways’ innovative approach to urban transit addresses the needs of the 95% of cities worldwide that lack mass transit solutions. The company’s technology not only offers net-new capacity but also significantly reduces both the capital and operational costs associated with traditional mass transit systems. Glydways’ system operates with zero emissions, making it one of the most environmentally friendly mobility solutions globally.
Glydways plans to use this funding to advance its technology, expand its projects, and further establish its position as a leader in the urban mass transit sector.
This investment marks a significant step forward in transforming urban transportation and creating a more sustainable and efficient future for cities around the world.