M&G Investments has led a $50m (£40m) Series B funding round for NoTraffic, an AI-powered road traffic management platform.
The investment will enable NoTraffic to accelerate its growth, through increasing production, R&D and sales into markets including Japan, Italy, Germany, and the UK, the firm said.
NoTraffic’s AI powered platform works with existing infrastructure to manage traffic flow in real time. It pulls data from smart sensors at road intersections into a cloud connected network analysing and responding to traffic flows and mobility in any given area instantaneously.
M&G’s investment was made by Catalyst, the firm’s £5 billion private assets strategy, and its equity investment team, on behalf of the £129 billion Prudential With-Profits fund.
Praveg Patil, deputy head of investments (EMEA) at M&G Catalyst said: “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.”
Tal Kreisler, co-founder and CEO of NoTraffic, comments: “What Mobileye did to cars, we are doing to road infrastructure. Not only does our technology reduce traffic congestion and carbon emissions, but it is providing much needed preventative measures against road collisions across the world.”
