Waycare, a Tel Aviv, Israel-based, AI-powered connected mobility platform for transportation agencies, raised $7.25m in Series A funding.
The round was led by SJF Ventures, with participation from UpWest, Next Gear Ventures, Innogy, Spider Capital, Goldbell, Zymestic Solutions, and janom.
In conjunction with the funding, Waycare announced that Jim Ray will be joining its Board of Directors. Mr. Ray is the former Senior Advisor to USDOT Secretary Elaine Chao, bringing decades of experience in transportation and infrastructure policy. Dan Geballe, Partner at SJF Ventures, also joined the Waycare Board.
The company intends to use the funds to drive its expansion efforts in North America and Europe, along with enhancements to its cloud-based platform.
Founded in Israel by Noam Maital and Shai Suzan (photo), Waycare provides a cloud-based SaaS platform harnessing data from sources such as GPS navigation apps, connected vehicles, and infrastructure to provide actionable insights which improve traffic and safety management operations. Using Artificial Intelligence (AI), the system provides predictive insights to identify dangerous roads where future crashes are likely to occur, empowering proactive decision-making for transportation agencies. Its first commercial deployment was with Southern Nevada in 2017. Since then, the company has expanded to Florida, Ohio, and other states across the United States.
Waycare plans to expand its services in Europe and Israel in 2020.
The company also operates a Los Angeles office.
FinSMEs
04/10/2019