NoTraffic, a Tel Aviv, Israel-based management platform that offers cities a solution to reduce traffic congestion and improve road safety in real time, completed a $3.2M seed funding round.
The round was led by lool ventures with participation from Next Gear Ventures, North First Ventures and private investors Tal Recanati and Uri Rubin.
The company intends to use the funds to further invest in R&D, accelerate the companies commercial roll out in the US, as well as to recruit additional employees both in Israel and the US.
Co-founded by CTO Uriel Katz, VP R&D Or Sela and CEO Tal Kreisler in 2017, NoTraffic develops an advanced IoT platform for traffic management in urban environments, 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 based 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 announcement of this round follows recent live pilots in California, and in the upcoming months will be deployed in several other location in the USA.
FinSMEs
14/12/2018