Spare Raises $10M for AI Development in Transit Agencies

Spare Receives $10M in Growth Capital

Key Highlights:

• Company Overview: Spare is a Toronto-based company that develops a platform empowering transit agencies to launch on-demand services and modernize specialized transit systems.
• Growth Capital: Spare secured $10 million in growth capital from CIBC Innovation Banking.
• AI Development: The funding will be used to accelerate the development of human-centric AI, enhancing interactions with the platform for both staff and riders.

Spare's Target Market

• Transit Agencies: Public transit agencies worldwide seeking to enhance accessibility and efficiency for underserved communities through on-demand and paratransit services.
• Specialized Transit Systems: Agencies looking to modernize and customize compliant paratransit services for individuals with specific mobility needs.
• Geographic Expansion: Transit agencies globally interested in implementing responsive transportation services that adapt in real-time based on riders' individual needs.

What Spare Needs to Buy

• AI and Machine Learning Expertise: Partnerships with AI and machine learning experts to further enhance the human-centric AI capabilities of the platform.
• Transit Agency Collaborations: Collaborations with transit agencies to implement and customize the Spare platform for their specific needs.
• Marketing and Sales Support: Services to support marketing and sales efforts in expanding the adoption of the Spare platform among transit agencies globally.