JERUSALEM: Israeli startup Optibus, which provides smart transportation management systems based on artificial intelligence (AI), said on Wednesday it raised $107 million in a private funding round co-led by Bessemer Venture Partners and Insight Partners.

Optibus said it will use the money to continue expanding its global presence and enhance product capabilities that include optimisation and AI algorithms that improve mass transit for passengers. The funding will also go toward accelerating the deployment of zero-emission vehicles.

The company said it was launching an update to improve transportation networks significantly through the use of data-driven planning.

Verizon Ventures, Pitango, New Era Capital Partners, Dynamic Loop and Blue Red Partners also participated in the funding round, which brought the total funds raised since Optibus's founding in 2014 to $160 million.