Waycare, a Tel Aviv, Israel- and Palo Alto, CA-based AI-based AI driven transportation management solutions for smart cities, raised $2.3m in seed funding.
The round was led by Spider Capital and Innogy SE with participation from Goldbell Investments, UpWest Labs, janom, Zymestic Solutions, and SeedInvest.
The company plans to use the further expand its Israel-based software development team, support upcoming engagements with cities across the U.S., Europe, and Asia, to continue growing their data partnership efforts with OEMs, telematics providers, and other navigation solutions.
Led by Noam Maital, CEO, Waycare provides a cloud-based AI driven transportation management platform that enables all municipal agencies to have a full mobility map of their roads, regardless of their existing infrastructure, and the ability to take action and mitigate traffic flow and improve traffic safety relying on instant access to predictive analytics.
It integrates vast amounts of historical and real-time data, such as traffic light timing, major events, weather conditions, vehicle location, speeds, vehicle acceleration and deceleration, vehicle counts and occupancies to provide actionable insights to help municipalities identify and respond to incidents faster and additionally identify dangerous driving conditions on the road well before an incident occurs.