Transit app wins $ 1.5 million investment from Vietnamese company
The interface of the BusMap application that recommends bus routes in HCMC. Photo courtesy of the Phenikaa Group.
BusMap JSC, a Vietnamese startup that developed the BusMap transit app, raised $ 1.5 million from local company Phenikaa Group and became a subsidiary, Phenikaa MaaS.
After being part of the ecosystem of Phenikaa, it is on the verge of restructuring, expanding to other segments of public transport such as rail and waterways in addition to city bus services.
Le Yen Thanh, founder and CEO of BusMap JSC, said VnExpress that the startup decided to accept funding from Phenikaa because they share a similar vision.
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Phenikaa aims to become a high-tech company with interests in various industries such as automated guided vehicles and the Internet of Things, which would allow entry into smart transportation and smart city.
“By cooperating with Phenikaa Group, the startup will be able to participate in the business ecosystem and have the resources to develop further,” Thanh said.
Phenikaa said she has always looked for projects that develop new technologies and breakthrough startups that bring benefits to the community.
BusMap, founded in 2013 by a group of technicians, is a free public transport app for urban travelers.
A real-time bus tracking feature was then added to the app to help users optimize their routes.
The application is based on basic digital map technology, artificial intelligence and advisory algorithms, which allow users to access maps of city buses and therefore to the best routes in terms of the lowest fares and shortest travel times.
It has over two million users and has assisted over 50 million trips.
Last year, this app won first prize for “Smart Cities, Smart Life” at the International Telecommunication Union Award, a global award for outstanding technology initiatives.