Rail distribution platform SilverRail has raised US$40 million (GBP23.9m) in funding to expand and develop.
The Series C investment has been led by investment firm Mithril Capital Management along with existing investors Canaan Partners, Sutter Hill Ventures and Brook Ventures.
Its new funding will be used to integrate more rail companies into the platform with plans to introduce more Asian rail operators. Money will also go towards developing its technology and expand IT solutions including the creation of a multi-transport planning and pricing tool.
“There are two critical global networks that have never worked well together: web and rail,” 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, SilverRail is making train travel much easier than air.”
Royan will join the company’s board of directors.
“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 SilverRail” said Aaron Gowell, co-founder and CEO of SilverRail. “This additional funding will allow us to continue to develop market leading solutions for both rail carriers and travel sellers around the world.”