SilverRail announces funding boost

Rail technology provider SilverRail has raised £24 million in Series C funding, the company announced today.

It said the cash injection would accelerate the integration of global rail carriers, allow it to continue building next generation search technology, and expand carrier IT solutions.

SilverRail said this would include multi-modal journey planning and pricing, booking and reservation management, inventory and seating management, and reporting and analytics.

The investment round was led by Mithril Capital Management, a global technology investment firm, and was supported by existing investors Canaan Partners, Sutter Hill Ventures and Brook Ventures.

“There are two critical global networks that have never worked well together: web and rail,” said Ajay Royan, co-founder and managing general partner at Mithril Capital Management.

“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.”

It was also revealed today that Royan would join the company’s board of directors.

“Mithril, which focuses on businesses that use technology to solve intractable problems, often in traditional sectors long overdue for innovation, is a perfect fit for SilverRail,” said Aaron Gowell, co-founder and chief executive of SilverRail..

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