Software firm SilverRail Technologies Inc has closed $40 million in its third funding round with Mithril Capital Management as the lead investor. Previous backers Canaan Partners, Brook Ventures, and Sutter Hill Ventures also participated in the financing, according to The Boston Globe.
The Woburn-based rail distribution platform aims to develop a ticket booking system for trains, just like the one ITA Software developed. The latest funding round brings SilverRail's total raised capital to $73 million, the report added.
SilverRail chief executive officer (CEO) Aaron Gowell explained: "We're trying to make rail as easy to buy as is air. It was the exact same way at ITA - they started off by powering third-party travel agencies, and the airlines then adopted ITA. To date, the company has rolled out its technology in nine countries, including many European nations, including England and Italy, and for corporate rail travel in the United States."
SilverRail's platform has search and transaction functions. It is initially designed to target travel agencies. Although US consumer rail booking has not yet begun, the company is aiming to integrate the train ticket booking technology to Kayak.com and other travel sites, The Boston Globe reported.
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