This latest funding round bolsters the company's position as a pioneering company digitizing the mobility industry and sets the stage for further growth and innovation
TEL AVIV, Israel and PALO ALTO, Calif., June 27, 2023 /PRNewswire/ -- NoTraffic, the leading mobility platform, announced today the successful completion of a $50 million Series B funding led by M&G Investments with participation from VNV Global and UMC Capital, as well as existing investors Grove Ventures, Vektor Partners, Next Gear Ventures, North First Ventures, Meitav Investment House, Alchimia Investments, and TMG. The new round allows NoTraffic to accelerate its growth momentum, increasing production, R&D and sales into new global markets including Japan, Italy, Germany, and the UK.
NoTraffic's core infrastructure market is currently experiencing significant tailwinds and its most successful period to date, thanks in part to the $1.2 trillion US infrastructure bill. In addition, several structural factors continue to drive demand for digital transformation in the mobility space, not least of which is the pressing need to reduce traffic fatalities, alleviate road congestion which grows 12% each year, and reduce CO2 road emissions, which account for 29% of the US total. NoTraffic is well placed to support this digital transformation with its effective, practical and economical solutions.
Over 100 years have passed since the first electric traffic light was installed in Cleveland, Ohio in 1914. Now, with countless industries witnessing a digital overhaul and most traffic signals still operating on pre-set timing plans, the traffic industry is ripe for innovation and modernization. With a seamless deployable solution that is retrofitted onto existing infrastructure, NoTraffic offers a first-of-its-kind AI-powered platform paired with a software-defined SaaS platform, empowering Departments of Transportation (DOTs) and other stakeholders to manage traffic in real time. Acting as a one-stop shop for all mobility needs and cutting down interdependencies on expensive legacy vertical solutions with limited interoperability, NoTraffic offers a first-ever mobility marketplace with access to multiple services for enhanced safety, data analysis, efficiency, detection and more. In addition, by leveraging a network of smart sensors deployed at signalized intersections, conflict points, or complex roadways, the platform gives traffic authorities and infrastructure operators the ability to fully control and prioritize traffic flow for all kinds of transportation — cars, bicycles, buses, pedestrians and more. NoTraffic utilizes edge computing technology, pioneering unparalleled software-defined infrastructure that facilitates real-time decision making at both local and cloud levels.
"NoTraffic is poised to elevate traffic management beyond its legacy infrastructure boundaries. Much like mobile phones disrupted the fixed line of their business, it was Apple's AppStore that opened the door to a vast range of new applications, business models and revenue pools. NoTraffic's SaaS platform is designed to similarly create unique insights and functionalities that can flexibly be provided to stakeholders without changes to the infrastructure," said Tal Kreisler, Co-Founder and CEO of NoTraffic. "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."
NoTraffic quickly transforms any signalized intersection into a cloud connected and dynamic network capable of understanding the complete traffic picture in any given area to respond instantly to all road users. The system fuses and shares data generated by NoTraffic's proprietary intelligent edge sensors together with connected and autonomous vehicles (V2X) data and other data sources to manage traffic flows in real-time. This technology is enabling a turning point for communications between road users and traffic infrastructure and is poised to be a fundamental milestone in the rise of the next generation of mobility.
"NoTraffic is solving longstanding urban problems while simultaneously taking critical steps to prepare roads for an era of connected and autonomous vehicles," said Carl Vine at M&G Investments.
"NoTraffic's obvious value proposition is supported by its robust business model and clear vision for the future. We believe the company can scale its cutting-edge technology solution to capture a significant share of this exciting and important sector. In doing so, NoTraffic will make our urban environments cleaner, safer, and more efficient," added Praveg Patil, from M&G Investments' Catalyst team.
NoTraffic works with a network of partners and distributors to support local and state Departments Of Transportation to provide an efficient and affordable platform that seamlessly integrates with existing infrastructure. It is currently deployed in numerous locations across North America, including in California, Texas, Pennsylvania, Colorado, Georgia and more, serving millions of drivers per day. The company's innovative technology was recognized and awarded as a TIME100 Most Influential Company in 2022.
About NoTraffic
NoTraffic, the developer of the world's leading mobility platform, is on a mission to digitize the backbone of transportation and streamline the next generation of traffic mobility. The company's end-to-end, plug-and-play autonomous traffic management platform leverages AI and edge computing to reconfigure signalized city intersections into one fully automated, cloud-connected hub. In less than 2 hours of installation, the platform can classify all road users including – private vehicles, public transportation, emergency services, pedestrians and more – and respond accordingly to traffic conditions in real-time to reduce travel times and CO2 emissions and improve safety. Ranked in TIME Magazine's 100 Most Influential Companies list, NoTraffic is trusted by leading states in North America and has formed strategic partnerships with major communication giants such as AT&T and Rogers Communications. The company was founded in 2017 by Tal Kreisler, Uriel Katz, and Or Sela.
To learn more about NoTraffic, visit: https://www.notraffic.tech
About M&G Investments
M&G Investments have made this investment from funds that include its Catalyst strategy. Catalyst is a global, flexible strategy investing in companies with innovative solutions to some of the world's biggest environmental and social challenges."
M&G Investments is part of M&G plc, a savings and investment business with over $425 billion of assets under management (as at 31 March 2023). M&G plc has customers in the UK, Europe, the Americas and Asia, including individual savers and investors, life insurance policy holders and pension scheme members.
For more information, please visit: https://global.mandg.com/
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