Masabi, which develops mobile ticketing technology for the transport sector, has secured $2 million from London-based m8 Capital, the majority-owned affiliate of AGC Equity Partners that targets mobile startups and technology.
Masabi says the new funding will be used to support “commercial deployments” of the company’s mobile ticketing systems with UK rail companies and for international expansion.
Masabi’s Ticket Machine in your Pocket allows “secure, usable ticket purchase and display” on mobile phones (both so-called feature phones and smartphones). Basically, commuters can use their phone to purchase tickets using a credit or debit card, with the tickets themselves redeemed either by being displayed on the phone’s screen via secure barcode technology, or printed at the train station.
Furthermore, in December 2008 Masabi’s design for a secure barcode ticket was adopted as a national standard by the UK Association of Train Operating Companies (ATOC), says the company. On that note, it’s already working with Atos Origin and thetrainline.com, with a consumer-facing launch said to be due in the “coming months”.
Speaking on the investment, Joseph Kim, Partner at m8 Capital, comments: “Masabi’s technology has the potential to remove all the inconvenience and hassle of buying a train ticket. From day one, we were impressed by Masabi’s groundbreaking technology. But we were just as impressed by Masabi’s success in aligning with the various stakeholders in the UK rail industry.”
Impressed enough to stump up $2 million it seems.