Israeli mobility platform company NoTraffic today announced the completion of a $50 million Series B financing round led by M&G Investments with participation from 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.
The investment will enable NoTraffic to speed up growth, increase production, R&D and sales into new global markets including Japan, Italy, Germany, and the UK.
NoTraffic has developed an AI-powered platform together with a software-defined SaaS platform, empowering Departments of Transportation and other stakeholders to manage traffic in real time. Acting as a one-stop shop for all mobility needs and cutting down interdependencies on expensive legacy vertical solutions with limited interoperability, NoTraffic offers a mobility marketplace with access to multiple services for enhanced safety, data analysis, efficiency, detection and more. In addition, by leveraging a network of smart sensors deployed at signalized intersections, conflict points, or complex roadways, the platform gives traffic authorities and infrastructure operators the ability to fully control and prioritize traffic flow for all kinds of transportation - cars, bicycles, buses, pedestrians and more. NoTraffic utilizes edge computing technology, pioneering unparalleled software-defined infrastructure that facilitates real-time decision making at both local and cloud levels.
NoTraffic was founded by CEO Tal Kreisler, CTO Uriel Katz and CSO Or Sela.
Kreisler said, "NoTraffic is poised to elevate traffic management beyond its legacy infrastructure boundaries. 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. 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. This funding is another step in our mission to revolutionize the way traffic is being managed today and enables the next generation of advanced mobility services to help better adapt our infrastructure for the rise of autonomous vehicles."
NoTraffic quickly transforms any signalized intersection into a cloud connected and dynamic network capable of understanding the complete traffic picture in any given area to respond instantly to all road users. The system fuses and shares data generated by NoTraffic’s proprietary intelligent edge sensors together with connected and autonomous vehicles (V2X) data and other data sources to manage traffic flows in real-time. This technology is enabling a turning point for communications between road users and traffic infrastructure and is poised to be a fundamental milestone in the rise of the next generation of mobility.
NoTraffic works with a network of partners and distributors to support local and state Departments of Transportation to provide an efficient and affordable platform that seamlessly integrates with existing infrastructure. It is currently deployed in numerous locations across North America, including in California, Texas, Pennsylvania, Colorado, Georgia and more, serving millions of drivers per day.
Published by Globes, Israel business news - en.globes.co.il - on June 27, 2023.
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