Bolt raises funding for biometric driver verification and AI investments
Estonia-based, ride-hailing company Bolt announced a 150 million euros (US$182 million) investment led by D1 Capital Partners, with participation from Darsana Capital Partners, CNBC reports.
Commenting on the news in a statement, Bolt’s CEO Markus Villig, said the company will use the new funds to improve the safety of its app via facial recognition and artificial intelligence (AI).
“In 2021, we are doubling down to be the industry leader in safety and quality of the platform,” Villig explained.
“We’re planning to launch even more innovative solutions, like driver face verification and automatic trip monitoring, using machine learning to prevent potential incidents and ensure the highest quality service for our customers,” he added.
Moreover, Bolt will also utilize the new investment to expand its electric bike and scooter rental as well as its food delivery services.
Ride-hailing driver identification with facial recognition came up when Uber lost its license in London, in part due to drivers who had been kicked off of the platform being able to rejoin it with fraudulent accounts.