M&G Investments today announced that it has led a $50m Series B funding round for NoTraffic, a pioneering AI-powered road traffic management platform. The investment will enable NoTraffic to accelerate its growth, through increasing production, R&D and sales into new global markets including Japan, Italy, Germany, and the UK.
The demand for transformative mobility solutions has intensified in recent years, as city and town transport authorities seek to alleviate congestion, reduce CO2 emissions and lower fatalities across the road network.
NoTraffic’s AI powered platform works with existing infrastructure to manage traffic flow in real time. Its computing technology brings 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 purpose-led flexible private assets strategy, which invests in innovative solutions to some of the world’s biggest environmental and social challenges, and its equity investment team, on behalf of the £129 billion Prudential With-Profits fund, which includes the £58 billion PruFund.
Praveg Patil, Deputy Head of Investments (EMEA) at M&G Catalyst comments: “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. This funding is another step in our mission to revolutionise 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.”
