Transportation Tech Startup Via Confidentially Files for IPO With SEC

Transportation technology startup Via has moved to go public, filing a draft registration statement with the Securities and Exchange Commission (SEC) regarding its intention for an initial public offering (IPO), according to a Wednesday (Dec. 22) press release.

The number of shares of its common stock being offered and the price range have not yet been established, the release stated.

Headquartered in New York and with 10 offices around the world, the company was founded in 2012, according to its website.

Via is valued at $3.3 billion, and its goal is to define and pioneer the TransitTech category, according to a November press release. The startup announced $130 million in new funding at the time.

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Via originally set its ambitions on developing software for public transit systems that would enable the company to “provide on-demand service as an alternative to fixed-route buses,” Bloomberg reported.

The pandemic strained public transportation while at the same time reducing the need for rideshare services. Via experienced an increased demand for its software services as municipalities sought to integrate advanced technology into public transit, according to Bloomberg.

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Via’s filing with the SEC follows its departure from running a shared van service in the New York and Washington areas, Bloomberg reported. The company instead is focusing its efforts on building out its apps and software for public transportation systems.

The company’s algorithms tap real-time rider and traffic data and reconfigure routes accordingly with the goal of using fewer vehicles to deliver people to locations in the same direction, according to Bloomberg.

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Nine months ago, the company closed an acquisition deal for Remix, a collaborative mapping platform for transportation planning and decision-making that serves over 350 cities in 22 countries across five continents, according to a March press release.