Autonomous traffic management platform NoTraffic has raised US$17.5m (£12.6m) in Series A funding to further develop its artificial intelligence powered solution, which is designed to reducing traffic congestion and emissions, improve road safety, and reduce city spending.
The investment will enable further research and development of the real-time traffic management platform, as well as accelerate rollouts across the U.S., allow for an expansion into Europe and grow its team.
According to the company, the platform gives city planners more insight and control over traffic infrastructure, it also helps upgrade and future-proof this infrastructure to support the rise of autonomous vehicles and other current, and future shifts in digital mobility.
NoTraffic said instead of having to rely on outdated traffic light technologies, city planners can get access to a fully automated, intuitive and real-time management platform. All deployed in two hours, and backed by 24/7 support.
“NoTraffic is reinventing how entire towns, cities and countries move”, said Lars Fjeldsoe-Nielsen, former Uber executive who founded Nielsen Ventures, which led this latest funding round.
“Instead of looking at the challenges presented by traffic jams, its approach looks at the opportunities provided by improved traffic flow.
“Its pragmatic, bigger-picture view has seen it build a solution that works with and for everyone in a city; the authorities and their planners, commuters, tourists, businesses, and pedestrians, for decades to come,” added Fjeldsoe-Nielsen.
VEKTOR Partners also participating in the round with Grove Ventures, Menora Mivtachim Group and Meitav Dash and existing investors, lool ventures, Next Gear Ventures and North First Ventures.
Lior Handelsman, general partner at Grove Ventures and now a board member at NoTraffic, said: “NoTraffic’s technology is a one-of-kind opportunity to transform traffic management systems, bringing digitalisation, IoT, and automation to cities’ roads based on deep technology capabilities, real-time data and unique AI expertise.
“We believe in NoTraffic’s exceptional team and we are sure they will continue to build and grow, changing cities’ infrastructure and making it more efficient, safe, and cost-effective.”
