Israeli tech company specialising in the development of a smart intersection platform, NoTraffic, utilises artificial intelligence (AI) to optimise traffic flow, has successfully raised $50 million in a Series B funding round.
The funding was 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 company intends to utilise the funds to expand its platform to new cities and introduce new features, with plans to expand to over 200 cities this year. The upcoming features include real-time traffic signal optimisation and predictive traffic modelling.
Revolutionary approach to traffic management
Founded in 2017 by Tal Kreisler, Uriel Katz, and Or Sela, the SaaS platform employs a combination of hardware and software to gather data from traffic sensors, cameras, and various devices. This data is then utilised to create a real-time model of traffic flow. By leveraging this model, the platform determines the most optimal timing for traffic lights, effectively reducing congestion and enhancing traffic safety.
With its AI-powered platform and network of smart sensors, NoTraffic enables Departments of Transportation (DOTs) and other stakeholders to manage traffic in real time, providing full control and optimisation capabilities to traffic authorities and infrastructure operators. The platform’s primary objectives are to minimise congestion, collisions, and carbon emissions.
Partnerships and developments
NoTraffic’s platform has already been deployed in several cities worldwide, including Dublin, Ohio; Tel Aviv, Israel; and Rogers, Canada. The company has also established partnerships with prominent entities such as Denso and Autotalks. With its potential to revolutionise traffic intersection management, NoTraffic’s platform holds the promise of reducing congestion, improving traffic safety, and creating more livable cities. The company’s vision extends beyond existing infrastructure boundaries, aiming to create unique insights and functionalities through its SaaS platform without the need for extensive infrastructure modifications.
“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. It’s SaaS platform is designed to similarly create unique insights and functionalities that can flexibly be provided to stakeholders without changes to the infrastructure,” said Tal Kreisler, Co-Founder and CEO of NoTraffic. “This funding is another step in our mission to revolutionise 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.”
The Tel Aviv-based startup claims to swiftly transform any signalised crossroads into a cloud-connected and dynamic network capable of interpreting the entire traffic picture in any given region and responding to all road users promptly. To control traffic flows in real-time, the system fuses and exchanges data generated by NoTraffic’s patented intelligent edge sensors with data from connected and autonomous vehicles (V2X) and other data sources.
“It is solving longstanding urban problems while simultaneously taking critical steps to prepare roads for an era of connected and autonomous vehicles,” said Carl Vine at M&G Investments.
“The company’s obvious value proposition is supported by its robust business model and clear vision for the future. 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, it will make our urban environments cleaner, safer, and more efficient,” added Praveg Patil, from M&G Investments’ Catalyst team.
