Israeli AI-based connected mobility platform for transportation agencies developer Waycare announced today that it has completed a $7.3 million Series A financing round led by SJF Ventures, with participation from UpWest, Next Gear Ventures, Innogy, Spider Capital, Goldbell, Zymestic Solutions, and Janom. The funds will allow Waycare to expand marketing efforts in North America and Europe, and further development its cloud-based platform.
Based in Israel and with a Los Angeles office, Waycare is an AI and cloud-based platform that empowers transportation agencies to make smarter decisions related to traffic management and traffic safety. Waycare leverages vast amounts of data coming from the existing transportation network and in-vehicle data sources to provide actionable new insights.
Waycare’s first commercial deployment with Southern Nevada in 2017 demonstrated improvements in reducing both primary and secondary crashes, also improving response times and multi-agency communication. Since then, Waycare has expanded to Florida, Ohio, and other states across the US. Waycare plans to expand its services in Europe and Israel in 2020.
Waycare CEO Noam Maital said, "Transportation agencies across the world are grappling with the burden of improving traffic safety and congestion that affects their city’s residents, while at the same time meeting the demands of rapid changes in the mobility sector. Waycare is fortunate to be at the crossroads of serving the public sector while partnering with the wider mobility ecosystem to help cities and states build the next generation of transportation operating systems."
Published by Globes, Israel business news - en.globes.co.il - on October 3, 2019
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