The ITC founders with the Series A investors
Singapore-based impact investor Earth VC has joined the US5 million Series A investment round of Israeli intelligent traffic management startup ITC.
Other investors of this round are Champel Capital and Mobilitech Capital.
The startup will use the capital to expand into Southeast Asia.
ITC develops cutting-edge computer vision and AI/ML algorithms to predict traffic patterns and prevent traffic congestion before it accumulates. Through measurement, prediction, and mitigation, it also enforces municipal traffic policies, such as public transport, bicycle, and pedestrian prioritization.
The firm claims its algorithms can correctly identify 99 per cent of vehicles, buses, ambulances, bikers, and pedestrians and detect a range of parameters about these objects’ behaviours.
According to the company, it manages “millions of cars” weekly across the US, Brazil, Australia, Israel, and Europe.
“ITC’s solution is exceptional and a ‘must-have’ for any big city as we want to move forward. Their ability to connect to existing CCTV in junctions can reduce up to 30 per cent of traffic jams without needing additional hardware. This not only improves residents’ well-being but also saves time and money, as well as reduces CO2 emissions,” said Amir Weitmann, Managing Partner of Champel Capital Partners.
“It is a global issue when emissions can increase by up to 40 per cent when vehicles are idling at traffic lights, compared to when they are in motion. Nine out of ten people think that traffic lights are stupid. Joining forces with ITC on their mission is like being at the forefront of a revolution against climate change. One of the great ways to fight against climate change is just improving the efficiency of our daily activities,” said Tien Nguyen, General Partner of Earth Venture Capital.
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