American passenger rail search and distribution technologies provider Silverrail Technologies has raised $40m to boost the integration of global rail carriers, continue building next-generation search technology, and expand carrier IT solutions.
The integration plans include multi-modal journey planning and pricing, booking and reservation management, inventory and seating management, and reporting and analytics.
Mithril Capital Management co-founder and managing general partner Ajay Royan said that there are two critical global networks that have never worked well together: web and rail.
"Currently, a lot of time, energy, and data are being wasted. By upgrading the interactions among users, operators, and travel agents, SilverRail is making train travel much easier than air," added Royan.
SilverRail plans to use ITA Software’s business model of selling its software to airlines and online travel services, rather than consumers.
The company has developed a software that integrates all rail lines across the world into a single platform, bringing together the wide array of different online booking systems currently being used.
SilverRail Technologies co-founder and chief executive Aaron Gowell was quoted by bostonglobe.com as saying that the platform includes both search and transaction technologies, and was initially targeted for travel agencies.
The company has eventually expanded into serving some of the rail carriers themselves, added Gowell.
Mithril Capital Management led the Series C investment round, supported by existing investors Canaan Partners, Sutter Hill Ventures and Brook Ventures. The total funding amount is now at $73m.