London-based transport technology company Vivacity Labs has secured £5m of Series A funding in a VC round to help fuel its international growth and deliver smarter transport.
The company uses artificial intelligence (AI) to improve traffic insights and safety and is currently working with the UK government, regional bodies and local councils to optimise the way traffic and transport infrastructure is built and used.
According to Vivacity, its technology provides anonymous and highly accurate data to deliver real-time insight into road networks, infrastructure and the way in which cities are used.
The investment will support expansion of Vivacity’s AI-based traffic signal system, which reduces congestion and allows cities to prioritise sustainable modes of transport, such as cyclists and buses.
The system is designed to enable cities and transport authorities to efficiently adapt to different policy priorities, including reducing queuing, reducing emissions, and improving air quality.
Transport for Greater Manchester is currently a partner and is scaling up installation to an area of 20 junctions this year.
Furthermore, Greater Cambridge Partnership, in conjunction with Cambridgeshire County Council, has also chosen to pilot the technology to help ease congestion and prioritise greener and active travel.
In addition, the company will use the funding to expand into countries including the Nordics, Benelux, and Australia this year.
Mark Nicholson, CEO of Vivacity Labs, said: “These are incredibly exciting times for Vivacity Labs, and the investment will support our objective to enhance and optimise traffic systems everywhere.
“This has been a challenging year for transport and commuters, but it’s great to see positive initiatives such as active travel now being prioritised.”
This latest round of funding was led by investor Mobeus, with additional funding from existing investors Downing Ventures and London Co-Investment Fund.