Traffic management firm NoTraffic has raised $50 million for its Software as a Service (SaaS) offering in a funding round led by M&G Investments.
NoTraffic's AI-driven platform can be retrofitted to existing infrastructure, taking information from its sensors and connected vehicles to allow authorities to prioritise traffic flow for cars, bikes, buses and pedestrians at signalised intersections.
NoTraffic's tech is currently deployed in California, Texas, Pennsylvania, Colorado and Georgia in the US. The firm says the new cash will allow it to increase production, R&D and sales into new markets including Japan, Italy, Germany and UK.
“Much like mobile phones disrupted the fixed line of their business, it was Apple's AppStore that opened the door to a vast range of new applications, business models and revenue pools," says Tal Kreisler, co-founder and CEO of NoTraffic.
"NoTraffic's SaaS platform is designed to similarly create unique insights and functionalities that can flexibly be provided to stakeholders without changes to the infrastructure."
Other investors included VNV Global and UMC Capital, as well as existing investors Grove Ventures, Vektor Partners, Next Gear Ventures, North First Ventures, Meitav Investment House, Alchimia Investments, and TMG.
"We believe the company can scale its cutting-edge technology solution to capture a significant share of this exciting and important sector. In doing so, NoTraffic will make our urban environments cleaner, safer, and more efficient,” added Praveg Patil from M&G Investments’ Catalyst team.
