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Glydways Inc. raises $76 million in Series B funding led by Suzuki for Southeast Asia expansion

Glydways Inc. raises $76 million in Series B funding led by Suzuki for Southeast Asia expansion

05/15/24, 7:42 AM
Location
https://purecatamphetamine.github.io/country-flag-icons/3x2/US.svgsan francisco
Money raised
$76 million
Industry
truck transportation
Round Type
series b
Investors
Eneos Holdings Inc., Mitsui Chemicals Inc., Suzuki Motor Corp., Open Ai
Glydways Inc., an autonomous vehicles and infrastructure company, has raised $76 million in its Series B funding round. The funding round includes contributions from OpenAI co-founder Sam Altman, Japanese automaker Suzuki Motor Corp., Mitsui Chemicals Inc., and oil refinery operator Eneos Holdings Inc. The new investment will support the company's expansion into Southeast Asia and further research and development efforts.

Company Info

Company
Glydways, Inc.
Location
2268 westborough blvd
san francisco, california, united states
Additional Info
Glydways, Inc. is an American transportation technology and clean energy company based in South San Francisco, CA. The company specializes in the design, manufacture, installation and operation of affordable autonomous transportation for low, medium and extremely high capacity needs. Founded in 2016 by engineer and entrepreneur Mark Seeger, the company was started with the goal of providing affordable mobility for communities across the world. This goal is founded in the belief that access to affordable housing, employment, education and care lead to economic and social prosperity, and the key to this equity is mobility for as many people as possible. Lead by Seeger who serves as CEO, the company’s core objectives are to provide a 24/7 mobility service solution that is environmentally net-negative in terms of greenhouse gas production (GHG), and, inherently profitable. GHG-negative is achieved through the invention and use of power-efficient technologies to reduce the watt-hours-per-person-per-unit-distance traveled, and, photovoltaics embedded into the infrastructure. Economic sustainability is achieved by designing for operational costs that are inherently lower than revenue collected when selling a ride. The key comes from decoupling the unit-costs from the utilization of the system, something that is not possible with existing pubic/mass transportation systems. By being financially sustainable, Glydways relieves municipalities of the vast annual subsidies required to operate existing solutions, which are inherently unprofitable and thereby a fiscal burden to public budgets. Further, the Glydways business model allows for private capitalization of entire systems. Glydways provides the highest capacity, at the lowest cost, with the best user experience, and the lowest greenhouse gas footprint of any mobility solution, providing a personal, on-demand, and point-to-point journey with no stops between origin and destination.

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