New York City taxis. Photo: wiki commons.

An Israeli start-up company that developed an app with the ability to locate the nearest cab has raised $20 million and the companies founders will use the proceeds to launch the service in New York.

The company’s service allows people to call cabs directly from their smartphones. The app then automatically locates the closest cab, identifies the driver, and estimates how long it will take the cab to reach the passenger.  GetTaxi Israel, run by general manager Motti Hasfari, already operates 350 taxis in Tel Aviv. It launched a London service in October 2011 and a Moscow service in March, Globes reported.