DENSO Investing in Car Sharing Platform Provider Ridecell

author: Eric Walz   

SOUTHFIELD, Mich., — Global automotive supplier and technology leader DENSO today announced it will invest in San Francisco based Ridecell Inc., the leading platform for car-sharing and ride-sharing operators, as a significant contributor to the company's recent Series B funding round.

Ridecell technology provides a platform for automakers, auto dealerships, and other new mobility providers to launch and operate mobility solutions, such as car-sharing or ride-sharing programs, including BMW's ReachNow service.

To date, DENSO has now provided funding to startups focusing on four core areas, autonomous driving, connected vehicles, cybersecurity, and mobility and IoT.

"The transportation and automotive startup community has transformed over the past few years, and mobility is at the core," said Tony Cannestra, Director of Corporate Ventures at DENSO. "Established industry leaders and startups need to work together to craft products and solutions ushering in the future of transportation. DENSO believes that Ridecell provides a foundational technology for the future of mobility."

Ridecell integrates technology to automate the end-to-end process of car-sharing or ride-sharing programs, from registration to scheduling and payment. DENSO's investment will help mature the company's offerings.

"Ridecell and DENSO share a vision of safer, more efficient and sustainable mobility solutions," said Aarjav Trivedi, CEO of Ridecell. "Through our corporation with DENSO, we'll continue to develop a platform making it easier for cities, campuses and mobility providers to build and scale carsharing and ride-sharing programs."

The investment represents the latest milestone fulfilling DENSO's goal to bring innovative solutions to market that benefit the automotive industry and consumers. DENSO opened a Silicon Valley office in 2011, and in 2014 created a dedicated team to pursue investment opportunities with entrepreneurs and startup companies. DENSO also lends expertise and monetary support at three technology incubators, Lemnos Labs, Prospect Silicon Valley and NextEnergy.

The company continues to evaluate new solutions and investment opportunities in Silicon Valley, Detroit and beyond as part of its innovation efforts.

The move is the latest in a series of announcements of traditional automotive companies partnering with tech companies on advanced mobility services. In October, Ridecell itself announced the acquisition of Auro, a California-based developer of autonomous vehicle technology, in an all-stock transaction.

DENSO employs more than 23,000 people at 30 consolidated companies and affiliates across the North American region. Of these, 28 are manufacturing facilities located in the United States, Canada and Mexico. In the United States alone, DENSO employs more than 17,000 people.

Eric Walz

Originally hailing from New Jersey, Eric is a automotive & technology reporter covering the high-tech industry here in Silicon Valley. He has over 15 years of automotive experience and a bachelors degree in computer science. These skills, combined with technical writing and news reporting, allows him to fully understand and identify new and innovative technologies in the auto industry and beyond. He has worked at Uber on self-driving cars and as a technical writer, helping people to understand and work with technology.