CIBC Innovation Banking provided $10 million in growth capital to Spare, a provider of on-demand transit software. The funding will accelerate Spare’s development of artificial intelligence (AI) solutions.
“Spare’s AI-driven approach to mobility is both innovative and essential for the evolution of public transport systems around the world,” Josh Olawale, director in CIBC Innovation Banking’s Toronto office, said. “We are excited to see how Spare will continue to contribute to more adaptable and efficient transportation solutions.”
“This strategic financing enables us to enhance our support for public transit agencies as they strive to serve historically underserved communities,” Kristoffer Vik Hansen, CEO of Spare, said. “We believe that embracing AI opens up the possibility of transit becoming so convenient and efficient that personal car ownership becomes unnecessary, truly providing equitable transit for everyone.”
