In a move that has taken the mass transit/commuter service industry by surprise, the autonomous driving startup Bluespace.ai, which is concentrating on platforming mass transit for both private and public sectors, announced this week that it has managed to float a loan for three-and-a-half million dollars for seed funds from various investment companies and individuals, including SLV Capital, Fusion Fund, Steve Chen, UMC, Wasabi Ventures, Blue Ivy Ventures, Kakao Ventures, and Plug-n-Play.
Bluespace.ai is developing system software for use on mass transit systems. It is currently meeting with city councils on both the East and West coasts to bring their technology online for buses and trains. CEO Joel Pazhayampallil, is optimistic that with the new infusion of operating capital the company can gain what he calls ‘street cred’ with larger metropolitan areas that are struggling with their commuting challenges. Joel himself already has plenty of ‘street cred,’ since he is the co-founder of the hugely successful Drive.ai, which was bought by the Apple company last spring.
The startup is entering a very competitive field, since cities are scrambling to find the technology to deal with urban mobility and making mass transit more accessible and equitable through automation.