Mobility platform NoTraffic has successfully completed a U$50m Series B funding round led by M&G Investments. The new round will enable NoTraffic to speed up company growth in addition to increasing production, R&D and sales operations within the Japanese, Italian, German and UK markets.
The NoTraffic platform can transform any signalized intersection into a cloud-connected and dynamic network capable of understanding the entire traffic scenario and responding to all road users. The solution combines and shares data generated by NoTraffic’s own intelligent edge sensors together with connected and autonomous vehicle data and other data sources to enable the management of traffic flows in real time.
The solution can be retrofitted onto existing infrastructure. Using NoTraffic’s AI-powered platform which is paired with a software-defined SaaS platform, bodies such as the Department of Transportation can manage traffic in a safer and more efficient manner as next-generation vehicles continue to be introduced.
“NoTraffic is poised to elevate traffic management beyond its legacy infrastructure boundaries,” said Tal Kreisler, co-founder and CEO, NoTraffic. “This funding is another step in our mission to revolutionize the way traffic is being managed today and enables the next generation of advanced mobility services to help better adapt our infrastructure for the rise of autonomous vehicles.”
“NoTraffic is solving longstanding urban problems while simultaneously taking critical steps to prepare roads for an era of connected and autonomous vehicles,” added Carl Vine, portfolio manager at M&G Investments.
“NoTraffic’s obvious value proposition is supported by its robust business model and clear vision for the future,” concluded Praveg Patil from M&G Investments’ Catalyst team. “We believe the company can scale its cutting-edge technology solution to capture a significant share of this exciting and important sector. In doing so, NoTraffic will make our urban environments cleaner, safer and more efficient.”
Other participants of the funding round included VNV Global and UMC Capital, in addition to existing investors Grove Ventures, Vektor Partners, Next Gear Ventures, North First Ventures, Meitav Investment House, Alchimia Investments and TMG.
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