Partnership with JMI to accelerate digital transformation of public transit
SAN FRANCISCO–(BUSINESS WIRE)–Swiftly, the leading big data platform for public transit, today announced that it has received a strategic investment from JMI Equity (“JMI”), a growth equity firm focused on investing in leading software companies, with participation from Shakti Ventures. JMI and Shakti join an existing group of investors, including Renewal Funds, Via ID, Aster Capital, and Wind Capital, to help Swiftly accelerate the development of its industry-leading big data platform to support hundreds of transit agencies and operators around the world. With the added resources from JMI, Swiftly plans to double headcount and expand its customer-facing teams to serve more public transit agencies and operators globally.
“Public transit has been, and will continue to be, the backbone of our cities,” said Jonny Simkin, co-founder and CEO of Swiftly. “And now as we look to emerge from the pandemic with innovative vaccines in sight, our communities and transit agencies must evolve and become smarter. Digital, cloud-based technology will be a key part of this journey. We’re excited about our partnership with JMI because we believe we have found the best long-term partner for us – one that shares our culture, our values, and our vision for the future of public transit. With this new investment, we now have the resources to double down on our mission to make cities move efficiently.”
Swiftly has created the first cloud-based big data platform specifically designed for public transit data and operations. Unlike legacy transit software, Swiftly leverages big data and sophisticated algorithms to drive reliable and efficient public transit, thereby improving the rider experience. Further, the platform includes a suite of APIs (Application Programming Interfaces) that enable public transit networks to connect and integrate services with other modes of transportation.
The public transit space is ripe for digital transformation. While this trend has been in full swing for at least a decade, only recently has public transit started to embrace modern digital solutions. The pandemic has accelerated the need for agencies to be agile and efficient, but by and large, agencies still rely on decades-old technology to keep millions of people moving through their cities.
“Swiftly’s cloud platform empowers public transit agencies to transform mobility operations for the future,” said Brian Hersman, General Partner of JMI Equity. “We are excited to partner with Jonny, his impressive team, and Swiftly’s other investors to help accelerate the digital transformation and growth of mass transit systems globally.”
Swiftly has seen rapid growth over the past 12 months with new sales doubling year over year. The company now serves more than 90 transit agencies, operators, and cities, including SEPTA (Philadelphia), MBTA (Boston), MDOT MTA (Baltimore), Miami-Dade Transit, Capital Metro (Austin), VIA (San Antonio), VTA (San Jose), ComfortdelGro (Australia), SAPTA (Adelaide), Straeto (Iceland), and Region Värmland (Sweden). Over 5,500 transit professionals use the Swiftly platform to improve the rider experience on more than 1.6 billion passenger-trips per year.
For more information about Swiftly and this strategic investment from JMI, please see our related blog post here.
AQ Technology Partners served as Swiftly’s financial advisor on the transaction, and Gunderson Dettmer LLP provided legal counsel. Goodwin Procter LLP served as legal counsel to JMI.
Swiftly has created the first big data platform specifically designed for transportation data and operations. Swiftly works with over 90 city transit networks around the world, including MBTA in Boston, Capital Metro in Austin, VIA in San Antonio, VTA in San Jose, and MDOT MTA in Baltimore, supporting over 5,500 transit agency professionals and impacting over 1.6 billion passengers per year. Swiftly has helped customers improve arrival predictions by up to 30% and complete planning projects up to 90% faster, resulting in increased ridership, fewer passenger complaints, and more efficient transit operations. For more information, visit www.goswift.ly.
About JMI Equity
JMI Equity is a growth equity firm focused on investing in leading software companies. Founded in 1992, JMI has invested in over 150 businesses in its target markets, successfully completed over 100 exits, and raised more than $4 billion of committed capital. JMI partners with exceptional management teams to help build their companies into industry leaders. For more information, visit www.jmi.com.