Mobility Insight is on the way to raising $5 million. The company, which is developing a vehicle fleet and transportation management solution, is currently in the process of closing a financing round, in which it has already raised $3 million, and plans to raise $2 million more.
In recent years, Mobility Insight has been working on the development of transportation infrastructure management technology. "The company operates in the connected vehicles sector, based on a real-time connection between vehicles, infrastructure, and wireless devices. Estimates around the world speak of 300 million connected vehicles by 2024, and Mobility Insight's vision is to become a dominant player in the global market," the company's announcement states.
The company develops and markets a comprehensive solution, based on software and hardware, for managing a road and transportation network. Its software analyzes the current and projected future situation of vehicle traffic in the smart city. The hardware developed by the company includes a system for collecting real-time information from a network of wireless smart sensors and fusing information from additional sources.
Mobility Insight founder and CEO Dov Ganor explains why his company's solution is needed. "For example, the information about demand for journeys and the amount of traffic, together with travel times, is essential for smart management of the transportation network and the connected vehicle. The future of transportation and preventing traffic jams depends on the ability to manage and regulate demand by road users. Mobility Insight's system facilitates the creation of a new "road sign" for directing, managing, and controlling traffic. The system will directly save Israel NIS 75 million."
The company is currently working in cooperation with the Ministry of Transport, and with business customers and local authorities in Israel and overseas, including the Yafe Nof company in metropolitan Haifa, the Tel Aviv municipality, the Afeka Tel Aviv Academic College of Engineering, and the Technion Israel Institute of Technology (under the Drive accelerator). The company is also in the process of establishing a base for activity in the US, including the founding of a US subsidiary.
What the company does: A vehicle and transportation network management solution
Founders: CEO Dov Ganor, VP R&D Saleem Nimrem, chief scientist Dr. Israel Feldman, VP business development Shmil Sachar, advisor Kossay Omari, and advisor Professor Moshe BenBassat
Total capital raised to date: $3 million
Number of employees: 15 in Nazareth and Glil Yam
Principal shareholders: Champion Capital Group founder and chairman Ariel Bentov
Source: IVC Online and the company itself
Published by Globes [online], Israel Business News - www.globes-online.com - on August 22, 2017
© Copyright of Globes Publisher Itonut (1983) Ltd. 2017