California-based student transportation services company Zūm has completed a $140-million Series E funding round led by Singapore-based global investment firm GIC. UK-headquartered decarbonization investor Climate Investment and existing investors including Sequoia and SoftBank Vision Fund 2 also participated.
This latest round brings Zūm’s total funding to $350 million. The new funding will be used to continue the company’s efforts to advance the shift to EV school buses and to accelerate expansion of Zūm’s AI-driven personalized end-to-end technology platform, which is designed to optimize routes and deliver real-time updates to parents.
Zūm says the company’s V2G technology allows school bus fleets, which comprise the country’s largest mass transit system, to become virtual power plants during evenings and summer months by sending energy back to the grid. Route optimization results in less time on the road and more capacity to transfer energy.
“This investment marks a pivotal moment in our journey, empowering us to turn school buses into powerful tools for environmental change,” said Zūm founder and CEO Ritu Narayan.