Mobility tech start-up NoTraffic has announced the successful completion of a $50 million Series B funding round for its platform, which aims to digitize the backbone of transportation and streamline the next generation of traffic mobility.
The latest funding round will enable the company to accelerate its growth momentum by increasing production, research and development, and sales in new global markets, including Japan, Italy, Germany, and the UK.
NoTraffic platform combines artificial intelligence and a software-defined Software-as-a-Service (SaaS) system to enable real-time traffic management. It offers a comprehensive range of services, including enhanced safety, data analysis, efficiency, and detection. The company creates a mobility marketplace that eliminates the need for expensive and limited legacy solutions, providing a centralized platform for all traffic-related needs.
The system accomplishes these tasks via the utilization of smart sensors at intersections and other critical points to allow authorities to control and prioritize traffic flow for all types of transportation, as well as edge computing technology to facilitate quick decision-making both locally and in the cloud.
NoTraffic’s technology swiftly transforms any signalized intersection into a cloud-connected and dynamic network capable of understanding the complete traffic picture in a given area and responding instantly to all road users.
By combining data from NoTraffic’s proprietary intelligent edge sensors with connected and autonomous vehicles (V2X) data and other sources, the system manages traffic flows in real-time. This groundbreaking technology marks a turning point in communications between road users and traffic infrastructure, setting the stage for the next generation of mobility.
More demand for digitized mobility
The current market for NoTraffic’s core infrastructure is experiencing significant tailwinds, largely due to the $1.2 trillion US infrastructure bill passed in November 2021. Furthermore, several structural factors are driving demand for digital transformation in the mobility space, such as the urgent need to reduce traffic fatalities, alleviate road congestion (which increases by 12% each year), and reduce CO2 road emissions, which account for 29% of the total emissions in the US. NoTraffic is well-positioned to support this digital transformation with its effective, practical, and economical solutions.
“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,” said Tal Kreisler, the company’s co-founder and CEO.
“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. 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,” he said.
Carl Vine, a representative from funding round leader M&G Investments, highlighted NoTraffic’s role in solving urban problems and preparing roads for the era of connected and autonomous vehicles. “NoTraffic is solving longstanding urban problems while simultaneously taking critical steps to prepare roads for an era of connected and autonomous vehicles,” he said.
“NoTraffic is solving longstanding urban problems while simultaneously taking critical steps to prepare roads for an era of connected and autonomous vehicles.”