JERUSALEM, May 16 (Reuters) - U.S.-Israeli mobility technology company Optibus said on Monday it raised $100 million in a private funding round that values the company at $1.3 billion.

The funding came from new and existing investors including Insight Partners, Bessemer Venture Partners, Verizon Ventures, Pitango First & Pitango Growth, Tencent, SOMV Momentum, and others, said Optibus, which has raised $260 million to date.

Optibus develops software to modernize mass transit systems and get them ready for smart city integration.

It said it would use the funding to advance its software platform for all public transportation planning and operations needs, expand into new product and service offerings including real-time operations and electric vehicle management, and strengthen its global presence in existing and new markets.

The company said its technology is being used by transportation agencies and operators in 1,000 cities to increase efficiency and service quality, promote transportation equity, reduce emissions and costs, and modernize their operations.

Source: Reuters

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