Mobility platform provider NoTraffic has officially secured $50 million in a Series B funding round, which the company says will be utilized to expand into new markets such as Europe and Japan.
The company, founded in 2017, utilizes IoT technology to analyze city traffic patterns. The real-time information is shared with transportation agencies and local authorities to manage traffic flow.
Tal Keisler, the chief executive of NoTraffic, comments, “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.”
M&G Investments led the funding round mostly, with contributions from VNV Global and UMC Capital. Other investors in this round included Grove Ventures, Vektor Partners, Next Gear Ventures, North First Ventures, Meitav Investment House, Alchimia Investments and TMG.
NoTraffic says it has introduced a hardware-software solution that can convert traditional traffic intersections into smart intersections, offering an advanced alternative to the typical timer-based system.
“NoTraffic is poised to elevate traffic management beyond its legacy infrastructure boundaries,” adds Keisler.
Specifically, NoTraffic says it can transform any signalized intersection into a cloud-connected network that understands the traffic situation. The intelligent edge sensors work with connected and self-driving vehicles (V2X) and other data sources to create real-time data fusion for dynamic traffic management. This technology enables better communication between road users and traffic infrastructure, company executives say.
The system utilizes edge computing to analyze the path of each car and its effect on the next intersection. Based on this analysis, it decides how to enhance traffic flow. The system then transmits this information to the cloud to synchronize each intersection, allowing the system to respond to road conditions in real-time.
According to NoTraffic, its technology may also prevent road accidents. Using the same sensors, for example, can determine whether a pedestrian is about to cross a street or if a vehicle will run a red light. The system can warn a nearby car with an obstructed view to reduce speed and prevent a possible accident.
“NoTraffic is solving longstanding urban problems while simultaneously taking critical steps to prepare roads for an era of connected and autonomous vehicles,” says Carl Vine of M&G Investments.
A recent $1.2 trillion infrastructure bill in the US aims to reduce road fatalities, congestion, and carbon emissions on public roads may make this technology more attractive to the US market. NoTraffic is currently deployed in several US states, including California and Texas.
autonomous vehicles | IoT | NoTraffic | smart city | transportation | venture capital