The Israel-based company, founded in 2017, has raised nearly $76 million in total, according to Crunchbase. The new funding round was led by M&G Investments with participation from VNV Global, UMC Capital, Grove Ventures and others.
NoTraffic also has offices in California. According to a company statement, the fresh capital will go toward increased production, R&D and selling in new markets including Germany, the U.K., Italy and Japan.
The company says the market it serves is growing in large part because of the $1.2 trillion U.S. infrastructure bill, along with the global push to reduce climate-warming emissions.
“NoTraffic is poised to elevate traffic management beyond its legacy infrastructure boundaries,” said Tal Kreisler, co-founder and CEO of NoTraffic, in the statement. “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.”
Last year, the company touted its development of a traffic signal platform powered by artificial intelligence that is designed to improve the flow of vehicles, as well as bicycles and pedestrians, through intersections. The company says its tech can help public agencies better analyze road infrastructure via smart sensors, the cloud and other tools.
“We believe the company can scale its cutting-edge technology solution to capture a significant share of this exciting and important sector,” said Praveg Patil, from M&G Investments’ Catalyst team, in that statement. “In doing so, NoTraffic will make our urban environments cleaner, safer and more efficient.”
