VivaCity, a London, UK-based transport technology firm, raised £7 million in funding from sustainable infrastructure VC investor ENV, Foresight Group, Gresham House Ventures, and Gresham House.
The investment will fuel VivaCity’s North American expansion and widen its product portfolio.
As a part of its North American expansion, VivaCity has been conducting a pilot project with the New York City Department of Transportation (NYC DOT), with sensors installed in Manhattan, Brooklyn, and Queens.
In 2023, VivaCity plans to add a new product to its portfolio, primarily focusing on three challenges: — sustainable transport, road safety, and network optimization to beat congestion.
Mark Nicholson, CEO and Co-Founder at VivaCity, commented: “The investment from ENV, Foresight Group, and Gresham House Ventures will support us in our mission to optimize transport networks and improve urban infrastructure, increasing both the safety and sustainability of our roads. Our growth over the past year is a testament to our hard-working team, and we look forward to the opportunities that 2023 will bring, especially when it comes to expanding our product suite and continuing our international expansion.”
The funding follows VivaCity’s massive growth, where its global sensor network approaching 20 billion road user counts.
Company: Vivacity Labs Ltd
Raised: £7.0M
Round: Unknown
Funding Month: February 2023
Lead Investors: ENV, Foresight Group, Gresham House Ventures, and Gresham House
Additional Investors:
Company Website: https://vivacitylabs.com/
Software Category: Traffic Monitoring and Signal Control Solution
About the Company: Founded by Mark Nicholson, Peter Mildon, and Yang Lu, VivaCity makes cities smarter, safer, and more sustainable by supporting authorities with the right transport data at the right time. The company uses state-of-the-art, AI computer vision sensors that provide authorities with anonymous, accurate data to optimize their road network. The company’s AI sensors gather accurate, detailed, and anonymous data 24/7 on transport modes, traffic flow, and travel patterns, supporting strategic decisions to help optimize the transport network and improve urban infrastructure. VivaCity has acquired new contracts this year, including with Nottingham City Council, which is installing VivaCity’s sensors city-wide to understand how different transport mode volumes affect pollution levels. VivaCity is on a mission to help cities overcome their biggest transport challenges.
Source: https://techfundingnews.com/london-based-transport-tech-firm-vivacity-picks-7m-to-optimise-traffic-network-through-ai/