NoTraffic has announced the completion of a $3.2M seed funding round. The funding was led by lool ventures with participation from Next Gear Ventures, North First Ventures and private investors Tal Recanati and Uri Rubin.
The company is known for developing a management platform that offers cities a ground-breaking solution to reduce traffic congestion and improve road safety in real time.
The advanced IoT platform is based on the integration of information collected through communication between vehicles and infrastructure (V2I) and information from smart sensors (using computer vision) deployed at traffic light-controlled intersections and conflict points on the road.
The system is depends on advanced artificial intelligence (AI) algorithms that identify, categorize and track all road users, from cars, buses, cyclists, electric scooters and pedestrians, accurately predicting their time of arrival at an intersection.
The company claims it to be the most cost effective and seamless way for cities to optimize traffic flow in real time today whilst simultaneously upgrading and preparing road infrastructure for tomorrow’s world of connected and autonomous vehicles.
The announcement of this funding round follows recent live pilots in California, and in the upcoming months will be deployed in several other location in the USA.
NoTraffic aims to use the funds to further invest in R&D, accelerate its commercial roll out in the US, as well as to recruit additional employees both in Israel and the US.
Source: Press Release