Edmonton, Canada, March 17, 2017 --(PR.com
)-- Magnovate Technologies is commercializing a proprietary magnetic levitation technology, Magline, with the vision of transporting people and goods as seamlessly as information travels on the internet.
The company was founded in 2012 and has raised $2 million, funded by Cross Point Venture Partners. Over the next 5 years Magnovate intends to execute a series of strategically curated "shovel ready" projects for influential early adopters that provide a clear path from slow-speed projects ranging from $30-$200 million to high-speed projects in the billion dollar range. Magline is an innovative on-demand mobility platform that promises to reinvent ground transportation by enabling high-speed multimodal networks that cost 80% less than conventional rail to build and maintain.
“Modernizing the world’s ailing ground transportation system is both one of the most significant challenges and opportunities of the 21st Century,” said Dan Corns, CEO of Magnovate Technologies. “Together, Magnovate and Rapid will identify strategic partnerships in Europe that will accelerate R&D around multimodal transportation solutions and ultimately help cities alleviate congestion.”
“We are excited to support Magnovate enter the European market,” said Sven Hackmann, Managing Partner of Rapid Venture Partners. "The global market opportunity for transportation is massive, the smart transportation market is forecasted to grow at a CAGR of 24.3% from 2015 to 2020. The market is driven by a growing global population, urbanization, climate change and the development of smart mobility."