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| Here is your end-of-the-week Transportation briefing: - 🚆 North Carolina's train ridership soared by 23%.
- 📈Seoul-based travel tech firm Myrealtrip secured $56.7M in funding.
- 🔋International Battery Company, a startup working on EV lithium-ion batteries, raised $35M.
Thanks for reading! Robel
p/Robel-Kelkile | |
| 1 | | Myrealtrip, a Seoul-based travel tech company, has raised $56.7M in a Series F funding round to accelerate business expansion and innovation. The round was co-led by BlueRun Ventures Korea and IMM Investment. More: - Global tourism has rebounded to pre-pandemic levels, prompting travel tech companies to enhance business expansion.
- Myrealtrip, with 7.9 million users, aims to be a super app, providing booking services for flights, accommodations, activities, and local transportation.
- The company has partnerships with 2,000 travel agencies, hotel platforms, and airfare comparison services like Expedia and Agoda.
- Valuation tripled since the Series D funding in 2020, with a 3x increase in revenue since 2022 and a gross merchandise volume of $746M in 2023.
- Myrealtrip plans to invest in technology, including AI capabilities, before its planned IPO in 2026.
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| 2 | | A Cox Automotive survey revealed that U.S. consumer satisfaction with the car shopping and buying experience improved in 2023, rising from 61% to 69% compared to 2022. Larger inventories, higher discounts, and streamlined purchasing experiences contributed to increased satisfaction. More: - Satisfaction among new car shoppers rose to 73% in 2023, up from 70% in 2022, while used car shoppers experienced a larger jump from 58% to 68% during the same period.
- Improved omnichannel sales, combining online and in-person experiences, played a significant role, with 43% of surveyed consumers completing purchases through a combination of online and in-person steps.
- Reductions in the time spent buying a vehicle contributed to increased satisfaction, with new car buyers spending an average of 11 hours and 45 minutes in 2023, an 80-minute decrease from 2022, and used car buyers spending over 14 hours, one hour less than the previous year.
- Households with above-average incomes have continued to drive vehicle sales, with new-vehicle buyers earning an average of $115,000 annually and used-vehicle buyers earning $96,000 annually.
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| 3 | | Global alternative asset management firm TPG Growth announced an investment of up to $228M in Washington, D.C.-based Sayari. The investment aims to accelerate the startup's global expansion and support the launch of a new supply chain illumination platform. More: - Sayari's platform integrates global corporate and supply chain data for investigations, analytics, and supply chain risk management, catering to global regulators, law enforcement, national security agencies, and over 100 major public and private companies.
- Sayari's founders, employees, and existing investors will retain a significant stake in the company, according to TPG.
- Sayari, founded in 2015, has harvested comprehensive corporate and trade data from over 250 jurisdictions worldwide and aims to revolutionize the risk intelligence technology landscape.
- The partnership with TPG is described as a crucial milestone for Sayari, supporting the startup's global expansion in 2024 and the launch of a new supply chain illumination platform leveraging responsible AI for deeper insights from supply chain data.
- With the increased funding, the company plans to launch its second product, a fully automated supply chain screening platform utilizing an industry-leading knowledge graph and advanced technologies.
- The investment comes as companies face an increasingly complex set of risks, especially on the supply chain management and logistics fronts.
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| 4 | | International Battery Company, a startup focused on developing lithium-ion battery cells for EVs, has raised $35M. The pre-Series A funding round was led by RTP Global with additional participation from Beenext, Veda VC, and strategic Korean and U.S. investors. More: - The California-based startup aims to bridge the demand-supply gap in India's EV market, which is expected to grow due to new regulations and incentives promoting electric mobility.
- Currently, EV batteries used in India are mostly imported from China, leading to safety and sustainability concerns.
- International Battery Company plans to manufacture Li-ion battery cells locally to address these issues.
- The company specializes in large-sized rechargeable Prismatic Li-ion Nickel Manganese Cobalt (NMC) batteries designed for two- and three-wheelers, light commercial vehicles (LCV), and farm and industry equipment.
- The funding will be used to execute plans for a 2GWh manufacturing facility in Bengaluru, with a larger 10GWh facility planned by 2028, as part of a memorandum of understanding with the government of Karnataka.
- International Battery Company noted plans to raise an additional $70M in its Series A round for further development, including the creation of a data system with AI and ML algorithms to improve yield.
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| 5 | | Canadian advanced air mobility (AAM) firm Horizon Aircraft has secured a $500M deal with Indian regional air operator JetSetGo for the purchase of up to 100 hybrid-electric vertical takeoff and landing (VTOL) Cavorite X7 aircraft. The agreement follows Horizon's recent IPO on the Nasdaq Stock Market. More: - The agreement includes the purchase of 50 X7s at $5M each, totaling $250M, with an option for JetSetGo to acquire an additional 50 aircraft, doubling the deal's value.
- The Cavorite X7 is capable of vertical takeoff like a helicopter or conventional runway takeoff, offering a blend of traditional airplane features with eVTOL capabilities.
- The aircraft is designed for various use cases, including medical evacuation, supply delivery, disaster relief, and military missions.
- Horizon's founder and CEO, Brandon Robinson, expressed confidence in the company's growth trajectory following its going public.
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| 6 | | North Carolina's state-sponsored rail passenger service, NC By Train, achieved record ridership in fiscal year 2023 for the second consecutive year. The train service had over 641,000 passengers, which marked a 23% increase from the previous record in 2022. More: - The Raleigh-Charlotte Piedmont service contributed significantly to the ridership growth, carrying 289,955 passengers, marking a 36.4% increase from fiscal year 2022 and surpassing pre-COVID-19 pandemic ridership levels.
- The Piedmont service operates with five round trips daily between Raleigh and Charlotte, offering improved frequency for passengers.
- The addition of a fifth-round trip between Raleigh and Charlotte in July 2023 and special stops at events such as the North Carolina State Fair, the Lexington Barbeque Festival, and football games contributed to the service's growth.
- North Carolina Department of Transportation has expressed satisfaction with the continued growth of NC By Train and is exploring opportunities to further increase frequencies and expand services to communities across the state.
- The move comes as train ridership has experienced an increase in some U.S. cities, reflecting a possible growing trend towards rail transportation as a preferred mode of travel in some areas of the country.
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- Maine announced plans for $4.7B worth of transportation projects over the next three years.
- Mississippi legislators have granted approval for incentives tied to a $2B electric vehicle (EV) battery plant, highlighting support for the development and growth of the EV industry in the state.
- Tesla introduced updated Adaptive Headlights for its Model 3 variant named Highland.
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 | Writer | | Born and raised in the Bay Area, Robel Kelkile is passionate about all things tech, venture, and financial education. He has previously served both universities and state governments in their engagement strategy and tracking legislation. | | This newsletter was edited by Aaron Crutchfield | |
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