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Joyride secures $5.2m to target larger OEMs

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Shared mobility platform Joyride has raised $5.2 million in its Series A funding round led by Japanese manufacturer Yamaha Motors.

Founded in 2014, Joyride’s platform simplifies fleet management and IoT connectivity for businesses and is used in more than 250 global markets.

Having seen returning investments from Urban Innovation Fund, Proeza Ventures and Two Small Fish Ventures, Joyride aims to use its Series A funding to develop its technology and promote the adoption of low-emission vehicles.

“We’re constantly improving our technology to serve a diverse global clientele and multiple form factors,” Joyride Founder and CEO Vince Cifani told Zag Daily. 

“When we say we’re hardware-agnostic, we mean it.”

One addition to Joyride’s technology is a long-term rental offering which allows fleet owners to lease out vehicles for months at length, with further integrations to be announced by the company soon.

The company is also adding smart, software-connected vehicles to its offering to unlock new streams of revenue for OEMs.

“We share in Joyride’s confidence in the mass market appeal for smart vehicles that are empowered, managed and joined through a one hardware-software solution,” said Mike Chrzanowski, President and CEO of Yamaha Motor Corporation U.S.A.

Vince added: “This investment solidifies our vision to power every electric low-speed vehicle in the world. Our platform enhances customer experiences, streamlines business operations, leverages data for insight and unlocks new revenue streams – all within one innovative ecosystem.”

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