NoTraffic, a Tel Aviv, Israel- and Palo Alto, CA-based provider of a mobility platform, raised $50M in Series B funding.
The round 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 use the funds to accelerate its growth, increasing production, R&D and sales into new global markets including Japan, Italy, Germany, and the UK.
Founded in 2017 by Tal Kreisler, Uriel Katz, and Or Sela, NoTraffic is a developer of an autonomous traffic management platform that leverages AI and edge computing to reconfigure signalized city intersections into one fully automated, cloud-connected hub. In less than 2 hours of installation, the platform can classify all road users including – private vehicles, public transportation, emergency services, pedestrians and more – and respond accordingly to traffic conditions in real-time to reduce travel times and CO2 emissions and improve safety.
The company works with a network of partners and distributors to support local and state Departments Of Transportation to provide a platform that 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.
FinSMEs
27/06/2023