NoTraffic, a Tel Aviv, Israel-based AI-based traffic management platform, raised $50 million in Series B funding. The startup aims to bring traffic lights into the 21st century.
M&G Investments led the round, 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 funding will help NoTraffic expand its offering to cities beyond traffic intersection management and into a more holistic solution that improves both road safety and traffic flow across cities.
With the funds, NoTraffic plans to expand into new markets, including Japan, Italy, Germany, and the United Kingdom. The company aims to double its geographic footprint in 2023.
NoTraffic’s combined hardware-software solution turns intersections into smart intersections that can manage traffic flows based on data collected in real-time. NoTraffic’s solution involves installing smart sensors with V2X (vehicle-to-everything) chips onto existing infrastructure at intersections, conflict points, or complex roadways.
“NoTraffic is poised to elevate traffic management beyond its legacy infrastructure boundaries,” said Tal Kreisler, co-founder, and CEO of NoTraffic, in a statement. “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.”
Company: NoTraffic
Raised: $50.0M
Round: Series B
Funding Month: June 2023
Lead Investors: M&G Investments
Additional Investors: VNV Global, UMC Capital, Grove Ventures, Vektor Partners, Next Gear Ventures, North First Ventures, Meitav Investment House, Alchimia Investments, and TMG
Company Website: https://notraffic.tech/
Software Category: Traffic Management Software
About the Company: NoTraffic is a traffic management platform that integrates V2X tools to provide the infrastructure to manage current traffic and future mobility innovations. NoTraffic is on a mission to digitize the foundation of transportation, to improve safety and traffic efficiency while reducing CO2 emissions. The startup recently signed on its hundredth Department of Transportation customer in North America and is operating in 13 states, including California, Texas, Arizona, and Pennsylvania.
Source: https://techcrunch.com/2023/06/27/notraffic-raises-50m-to-tackle-congestion-and-enhance-road-safety/