The new Israeli company OptiBus just might have the solution for bus lines running late while making it easier for public transportation companies to set their schedules. The company has been named one of seven finalists in Ernst and Young’s The Pitch competition for startups which will be held in Tel Aviv in October and it was chosen as a participant in IBM’s first ever accelerator program in Israel.
If you use public buses then you are probably one of millions of people worldwide with the same complaints. How often does it seem like the bus that you need is taking forever to arrive when you are running late; even though, that line is supposed to come every five minutes? Have you ever waited more than a half hour at a bus stop, only to see three buses of the same line all show up at once?
Well if OptiBus can deliver on what it promises then such nuisances may become a thing of the past. The company offers an algorithm based SaaS platform for public transportation companies that optimizes scheduling of operations in real-time
Optibus states that its technology is based on advanced mathematical algorithms, developed together by mathematicians and transportation planning experts. The company maintains that by using its technology, operators are able to create full optimal vehicle and crew schedules within seconds.
This technology, they say, brings the ability to test various alternatives in no time, allowing the scheduler to select the best fitting one. The company also promises to save its customers between 7 to 10% on annual expenses.
Six different Israeli bus companies, as well as Spain’s Avanza Grupo are already customers.
Now in its third year, Ernst and Young’s The Pitch competition, held jointly with Canaan Partners and IBM, searches for the next generation of leading high-tech companies in Israel. “THE PITCH”, a contest for startups, is based on the format of the popular show “The Voice” and will include “The Elevator Pitch” – a platform to convey a clear, concise and brief message (as quickly as it takes an elevator to travel from the top floor to the bottom.)
The contest will allow selected companies to present their pitch to entrepreneurs and potential investors during EY’s Journey Conference.
1st prize for the winning company is a road show which will offer it exposure to investors, business partners and potential clients in Silicon Valley.