Rail technology firm Silver Rail has raised $40 million in its latest round of funding as it aims to advance its global rail software, which enables travellers to book train tickets the same way for every rail line as can already be done for air travel.
The company, based in Shoreditch East London but with business arms in Boston and Brisbane, consolidates content across multiple rail carrier systems and creates a global marketplace for both online ticket booking sites and travel agents.
Its new funding will be used to integrate more rail companies into the platform with plans to introduce Asian rail operators. SilverRail will also expand its planning, pricing, booking and reservation systems, as well as its seating management, reporting and analytics.
The investment was led by technology investment firm, Mithril Capital Management and supported by existing investors Canaan Partners, Sutter Hill Ventures and Brook Ventures.
“We want to be the Rosetta stone of rail travel,” said Ajay Royan, co-founder and managing general partner at Mithril Capital Management.
“Currently, a lot of time, energy, and data are being wasted. By upgrading the interactions among users, operators, and travel agents, Silver Rail is making train travel much easier than air,” he added.
SilverRail, founded in 2009, currently operates in North America and Europe but with this investment is looking to move into Asia, with the goal of having all major global rail carriers integrated “over the coming years”.
“Mithril, which focuses on businesses that use technology to solve intractable problems, often in traditional sectors long overdue for innovation, is a perfect fit for Silver Rail” said Aaron Gowell, co-founder and CEO of Silver Rail.
“This additional funding will allow us to continue to develop market leading solutions for both rail carriers and travel sellers around the world.”