Traffic management software startup NoTraffic Ltd. said today it has closed on a $50 million round of funding, bringing its total amount raised to date to $75.7 million.

The Series B round was led by M&G Investments and joined by new investors VNV Global and UMC Capital, plus existing investors Grove Ventures, Vektor Partners, Next Gear Ventures, North First Ventures, Meitav Investment House, Alchimia Investments and TMG.

NoTraffic says it’s aiming to bring automation to a traffic management industry that has remained virtually unchanged since 1914, when the first electric-powered traffic lights appeared. Today, the vast majority of traffic signals still operate on pre-set timing plans, and congestion is a common sight on many city streets.

NoTraffic thinks it can do a better job of managing this traffic with an AI-powered software platform that’s paired with a network of smart sensors deployed at intersections, conflict points and complex roadways. By combining this infrastructure with a marketplace for mobility services around traffic detection, efficiency, safety and data analysis, NoTraffic says, traffic authorities gain the ability to better manage traffic flow and even prioritize traffic flow for specific forms of transport, such as buses, bicycles, cars or even pedestrians.

According to NoTraffic, its system can transform any signalized intersection into a cloud connected network that understands the complete traffic picture in any given area. It fuses data from its sensors with information from connected vehicles and other sources to automate traffic flow management in real time, helping speed up the flow of traffic and reduce congestion.

At each traffic light, the company installs four AI sensors that use computer vision and radar to assess the road situation. The sensors communicate with a nearby “optimization engine” that enables the traffic light to make real-time decisions.

The platform can detect, categorize and track all road users, while determining how many cars are in each lane and how many cars are heading towards the intersection from the previous one. It can also determine the path each vehicle will take, and how that will impact traffic at the next intersection. All of these computations are done at the edge, with synchronization of data from different intersections happening in the cloud.

NoTraffic says its platform can reduce the time vehicles are waiting at red lights by half, basing those claims on pilot programs it has ran in Arizona and California previously.

NoTraffic co-founder and Chief Executive Tal Kreisler likened his company’s mobility marketplace to Apple Inc.’s AppStore, which opened the door to a vast range of mobile applications and business models. “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,” he said. “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.”

The startup believes it’s poised to benefit from the new, $1.2 trillion infrastructure bill that was announced in the U.S., as well as the pressing need to reduce traffic fatalities and alleviate road congestion that grows at a rate of 12% per year. By enabling traffic to flow more efficiently, it also believes, it can help to reduce CO2 road emissions, which account for 29% of the U.S. total.

“NoTraffic is solving longstanding urban problems while simultaneously taking critical steps to prepare roads for an era of connected and autonomous vehicles,” said Carl Vine of M&G Investments.

NoTraffic said it’s already working with a number of local and state departments of transportation to integrate its platform with their existing traffic management infrastructure. It has been deployed in several locations in the U.S., including the states of California, Colorado, Georgia, Pennsylvania and Texas, where it serves millions of drivers each day.

The company’s ambitions extend beyond the U.S. In addition to accelerating its growth momentum at home, the company has set its sights on expanding into new markets such as Japan, Italy, Germany and the U.K.

Image: NoTraffic