Core Insights - Koch, Inc. has established a new equity position in Via Transportation, acquiring 1,700,231 shares valued at $81.75 million, which represents 10.8% of Koch's 13F assets under management as of September 30, 2025 [2][3][4] Company Overview - Via Transportation is a technology-driven provider of digital transit solutions, operating in the United States, Germany, and other international markets, generating revenue through software and operational services for various clients including cities and transit authorities [1] - The company focuses on flexible, on-demand transit and has developed a TransitTech platform that supports various transportation modes, enhancing public mobility networks [4][6] Financial Position - Koch's investment in Via marks a significant addition to its portfolio, indicating confidence in Via's potential for growth despite the company being early in its public-market journey and currently unprofitable [5][6] - Via's revenue is on the rise, with gross margins improving as the platform scales, although the company continues to experience losses due to strategic investments rather than weak demand [6] Market Position and Future Outlook - More than 700 agencies rely on Via's technology, which has evolved from dynamic routing software to a comprehensive platform for various transit needs, including paratransit and fleet orchestration [6] - The key question for investors is whether Via can transition its expanding role in public transit into a self-sustaining business model, with customer expansion and profitability being critical indicators of success [7]