OptiCity

Company Overview

Snapshot

Founded in June 2017 by Naor Peery, Avi Gabay, and Niv Baibich, OptiCity operates with 51–200 employees. The company canceled its IPO on the Tel Aviv Stock Exchange in April 2022 due to a lack of institutional investor interest, pivoting to seek private funding instead.

Business overview

OptiCity provides an intelligent SaaS solution for optimizing ride transportation for organizations and passengers, aiming for substantial direct and indirect cost savings. Leveraging artificial intelligence and machine learning, its technology simplifies processes and manages resources efficiently. The software integrates with external systems like GPS, shift management, accounting, and human resources, serving markets across enterprises, SMBs, and consumers within the Automotive & Mobility Technologies sector, specifically focusing on urban mobility.

Strategic signal

In April 2022, OptiCity canceled its planned IPO on the Tel Aviv Stock Exchange, which aimed to raise 16 million shekels at a 60 million shekel valuation. This decision, attributed to a lack of institutional investor interest, signals a strategic pivot towards private funding. For investors, this indicates a shift in the company's capital acquisition strategy and highlights the challenges smaller technology companies face in public markets, suggesting a focus on private capital for future growth.

Company Intelligence Q&A

What was OptiCity's strategic decision regarding its public offering?

In April 2022, OptiCity canceled its planned IPO on the Tel Aviv Stock Exchange due to a lack of interest from institutional investors. The company had intended to raise 16 million shekels at a valuation of 60 million shekels and will now pursue private funding.

What were OptiCity's revenue expectations in late 2021?

In December 2021, OptiCity expected to conclude 2021 with revenues of 800,000 shekels. The company also set ambitious revenue targets of 13.7-17.5 million shekels and an operating profit target of 3.2-7 million shekels for 2023.

Which notable customers did OptiCity serve as of December 2021?

As of December 2021, OptiCity's customers included government offices, the cellular company Pelephone, the manpower company Manpower, and Wix.

What are OptiCity's global expansion plans?

In June 2021, OptiCity, an Israeli smart transportation company, announced plans to expand its operations globally. The company uses artificial intelligence to optimize transportation routes for various organizations.

What is the relationship between OptiCity and LS Technology?

OptiCity is a subsidiary of LS Technology, a boutique software development company founded by Avi Gabbay and Niv Baibich. LS Technology focuses on advanced software development services, integrations, and information systems.