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 has developed an AI-powered data solution to assist the UK government, regional bodies and local councils to optimise the way traffic and transport infrastructure is built and used.
According to Vivacity Labs, 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 company has developed an algorithm that is able to adapt quickly to changing traffic conditions and efficiently implement high-level strategies at both local and city-wide scales.
This latest investment will support the expansion of the 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.
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.”
In addition, the company will use the funding to expand into countries including the Nordics, Benelux, and Australia this year.
Currently partners include Transport for Greater Manchester and the Greater Cambridge Partnership.
This latest round of funding was led by investor Mobeus, with additional funding from existing investors Downing Ventures and London Co-Investment Fund.