Woven Capital Invests In Ridecell To Accelerate Global Growth In IoT-driven Automation For Mobility And Fleet Businesses

San Francisco and Tokyo, June 17, 2021 - (ACN Newswire) - Woven Capital, L.P. today announced that it has made an investment in Ridecell Inc., a leading platform powering digital transformations and IoT automation for fleet-driven businesses. Woven Capital is an $800 million global investment fund that supports innovative, growth-stage companies in mobility, automation, artificial intelligence, data and analytics, connectivity, and smart cities. It is the investment arm of the Woven Planet Group, a Toyota subsidiary which is dedicated to building the safest mobility in the world. Along with the investment, Ridecell and the Woven Planet Group will explore collaborative opportunities in mobility service operations.

"Ridecell is accelerating the digital transformation of a key part of the mobility industry--creating a comprehensive platform that connects fleets and automates workflow at scale," said Michiko Kato, Principal, Woven Capital. "We are excited to invest in Ridecell and explore collaborative opportunities together, as we continue to focus on innovative technology that delivers safe, secure, efficient, and seamless mobility for all."

"This investment with Woven Capital will be highly strategic as Ridecell continues to expand into new markets," said Aarjav Trivedi, founder, and CEO of Ridecell. "We are excited to have Woven Capital as our investor to bring Ridecell automation and mobility innovations that use automation and digital vehicle control to help create safe and secure mobility."

Ridecell's automation and mobility platform allows businesses to create a unified view of their vehicle fleets from deployed telematics, fleet management, and internal systems and use the consolidated insights to automate business and operational workflows. The platform furthers digital transformation and turns data overload into automated and efficient business operations.

About Woven Capital

Woven Capital is an $800 million global investment fund that supports growth-stage companies focused on technology and innovation in mobility. It was founded in 2021 as the corporate venture capital investment arm of the Woven Planet Group, a group of subsidiaries of Toyota. Woven Capital invests in mobility technologies, automation, artificial intelligence, data and analytics, connectivity, and smart cities globally.

About the Woven Planet Group

The Woven Planet Group is on a mission to design a happier planet through secure, connected mobility solutions. Originally founded in 2018 as Toyota Research Institute - Advanced Development, the company was expanded to the Woven Planet Group dedicated to bringing its vision of "Mobility to Love, Safety to Live" to life. Under this shared goal the four companies of the Woven Planet Group, Woven Planet Holdings, Woven Core, Woven Alpha and Woven Capital are transforming how people live, work, and move through new innovations and investment in automated driving, robotics, smart cities, and more. For more information, please visit:

https://www.woven-planet.global/

About Ridecell

Ridecell Inc. is leading the way in the digital transformation of fleet businesses and operations. Our IoT-driven automation and mobility platform helps businesses modernize and monetize their fleets by combining data insights with digital vehicle control to turn today's manual processes into automated workflows. The result is unmatched levels of efficiency and control for shared services, motorpool, rental, and logistic fleets.

Today Ridecell powers some of the most successful fleet businesses in cities across Europe and North America, including Gig Car Share from AAA. Ridecell is headquartered in San Francisco, with offices in Madrid, Paris, Berlin, and Pune, India.

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