NoTraffic nabs $50 million Series B for autonomous traffic management platform
The Israeli startup aims to digitize the backbone of transportation by reconfiguring signalized city intersections into one fully automated, cloud-connected hub
Mobility platform NoTraffic announced on Tuesday the completion of a $50 million Series B funding round 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.
Full list of Israeli high-tech funding rounds in 2023
NoTraffic aims to digitize the backbone of transportation with its autonomous traffic management platform that leverages AI and edge computing to reconfigure signalized city intersections into one fully automated, cloud-connected hub.
The company, which partners with the states of California, Texas, and Pennsylvania, as well as such companies as AT&T and Rogers Communications, was founded in 2017 by Tal Kreisler (CEO), Uriel Katz (CTO), and Or Sela (VP R&D). NoTraffic employs 100 people in total, including 65 in its R&D center in Tel Aviv.
“The impact of the American government's actions on the infrastructure market is being felt on the ground,” Kreisler told Calcalist. “Our objective is to transition from initial growth to significant expansion. Currently, we are engaged with 100 different transportation departments throughout the United States. Our market is well-established and comprises a substantial amount of outdated hardware and technology. What we have developed is a flexible platform that connects traffic light systems to a centralized network, capable of responding to events and conditions. In the realm of traffic management, numerous hardware solutions exist independently. However, our innovative software unifies all these components. Cities can now implement transportation policies according to their specific needs, and our technology empowers them to determine and execute those policies effectively.”
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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 U.S. 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 U.S. total.
