NoTraffic Raises $17.5 Million Led by Former Uber Exec to Scale Its Groundbreaking Real-Time Traffic Management Platform into New Markets
- NoTraffic’s autonomous platform offers cities a novel solution to reducing traffic congestion and emissions, improving road safety, and reducing city spending.
- Partnerships with transportation departments in California, Arizona and more have seen congestion cut by as much as 50%, which has the knock-on effect of reducing emissions, equal to the amount generated by tens of thousands of vehicles.
- Cities, automakers and other partners can enjoy, for the first time, infrastructure services using a simple SaaS model without the need to install designated hardware and can be up and running in just two hours, backed by 24/7 support.
- NoTraffic’s advanced capabilities are based on proprietary software and its ability to process data in real time using artificial intelligence, which significantly reduces city spending on traffic management.
- The funding round was led by Nielsen Ventures and VEKTOR Partners. Also participating in the round are Grove Ventures, Menora Mivtachim Group and Meitav Dash alongside existing investors, lool ventures, Next Gear Ventures and North First Ventures.
- The funds will be used to invest in further R&D, accelerate rollouts across the US, expand into Europe and grow the team across all regions it operates in.
NoTraffic – the real-time, plug-and-play autonomous traffic management platform that uses AI to reinvent how cities run their transport networks – has raised $17.5 million in a Series A round led by Nielsen Ventures, a firm founded by former Uber and Dropbox executive and ex Balderton Capital GP, Lars Fjeldsoe-Nielsen and VEKTOR Partners, a VC firm focused on mobility disruption.
Early-stage venture capital investment firm Grove Ventures, insurance leader Menora Mivtachim Group and Meitav Dash also participated, alongside existing investors, lool ventures, who led the company’s Seed round, Next Gear Ventures, and North First Ventures. Lior Handelsman, one of the founders of SolarEdge (Nasdaq: SEDG), will also join the company’s board.
NoTraffic was founded in 2017 by Tal Kreisler, Uriel Katz and Or Sela to bring traffic management into the 21st Century; to bridge the innovation gap between all mobility fields. Not only does it give city planners more insight and control over their traffic infrastructure, but it helps upgrade and future-proof this infrastructure to support the rise of autonomous vehicles and other current, and future shifts in digital mobility.
CEO of NoTraffic, Tal Kreisler, said:The current fundraising round is of strategic importance to us, and will help us to extend the technological breakthrough on which our developments are based, and support the expansion of our business activities.
Instead of having to rely on outdated traffic light technologies; technologies that have barely innovated since they launched more than a century ago, city planners anywhere in the world can get access to a fully automated, intuitive and real-time management platform. All deployed in just two hours and backed by a 24/7 operations center.
NoTraffic’s automated system is so effective, in trials and partnerships with transport authorities across North America including the City of Phoenix and in the State of California, it has been shown to drop waiting times by as much as 50%. In an average city, NoTraffic has been shown to remove 26k tons of emissions – equal to taking around 5,700 vehicles off the road – and saving motorists 4,655 months of time stuck in traffic jams a year. All while saving each city infrastructure and traffic management costs, and drastically cutting the amount of fuel costs for businesses.
The result is a more efficient, safer, cost-effective way to manage a city that improves the quality of life for residents and has a positive impact on the environment.
Lars Fjeldsoe-Nielsen, said:NoTraffic is reinventing how entire towns, cities and countries move. Instead of looking at the challenges presented by traffic jams, its approach looks at the opportunities provided by improved traffic flow. Its pragmatic, bigger-picture view has seen it build a solution that works with and for everyone in a city; the authorities and their planners, commuters, tourists, businesses, pedestrians, for decades to come. I’m delighted to join them on this journey.
Following an increase in demand for the platform, the funding will be used to expand the NoTraffic team across all departments including research and development, business, marketing, and sales as well as to expand into new markets. NoTraffic is planning to arrive in Europe this year and is looking into other markets and verticals.
Co-founder of SolarEdge, Lior Handelsman, said:NoTraffic’s technology is a one-of-kind opportunity to transform traffic management systems, bringing digitalization, IoT, and automation to cities’ roads based on deep technology capabilities, real time data and unique AI expertise. We believe in NoTraffic’s exceptional team, and we are sure that they will continue to build and grow, changing cities’ infrastructure and making it more efficient, safe, and cost-effective.
This article was originally published by NoTraffic.
