NoTraffic has raised US$17.5 million from investors to bring its successful real-time traffic management platform to more cities. NoTraffic uses AI to give city planners more insight and control over their traffic infrastructure, while also helping to upgrade and future-proof this infrastructure to support the rise of autonomous vehicles and other future shifts in digital mobility.
The NoTraffic platform can identify, categorize and track all road users – including passenger and non-passenger vehicles, bikes, e-scooters, buses, and pedestrians. The system combines all-weather sensors installed at interchanges with a 24/7 network operation center (NOC) that augments sensor information with integrated data collected from vehicles and infrastructure. The system is able to accurately predict arrival times at an intersection and accordingly streamline the timing of the traffic light system autonomously in order to maximize the flow of traffic and reduce congestion, prioritize different types of vehicle and prevent accidents.
The NoTraffic automated system has proven very effective in trials and partnerships with transport authorities across North America. In the State of California, it has reduced waiting times by as much as 50%. In an average city, the platform 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.
“NoTraffic is reinventing how towns, cities and countries move”, said Lars Fjeldsoe-Nielsen. “Instead of looking at the challenges presented by traffic jams, it 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, and pedestrians, for decades to come. I’m delighted to join them on this journey.”
“The current fundraising round is of strategic importance to us,” adds Tal Kreisler, CEO of NoTraffic. “It will help us to extend the technological breakthrough on which our developments are based, and support the expansion of our business activities.
“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,” says Lior Handelsman, general partner at Grove Ventures, one of the founders of SolarEdge, and now a Board Member at NoTraffic. “We believe in NoTraffic’s exceptional team and we are sure they will continue to build and grow, changing cities’ infrastructure and making it more efficient, safe, and cost-effective.”
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.
The Series A round funding was 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. Leading 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 and Grove Ventures’ General Partner, will join the NoTraffic’s board.