Vivacity Labs, a London-based company aiming to make cities smarter, safer, and more sustainable through AI, has secured £5 million funding in Series A round.
The round was led by Mobeus, with additional funding from existing investors Downing Ventures and London Co-Investment Fund.
How will the funding be used?
The investment will be used to expand Vivacity Labs’ AI-based traffic signal system, which reduces congestion and allows cities to prioritise sustainable modes of transport, such as cyclists and buses.
The company is also planning to double its headcount and expand into Northern Europe and Australian markets.
As part of its expansion plans, Vivacity Labs has recently appointed Rob Stait as UK Sales Director, previously of AppyWay, and 20 years’ experience in growing technology businesses.
Empowering transport managers
Founded by Mark Nicholson, Peter Mildon, and Yang Lu in 2015, Vivacity Labs is empowering transport managers to take the next step in reducing congestion and improving safety on the roads.
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In an attempt to achieve this, the UK company has installed thousands of sensors across the UK. The AI sensors and ‘Smart Junctions’ signal control gather detailed and anonymous data 24/7 on transport modes, traffic flow, and travel patterns, supporting strategic decisions to optimise the transport network and improve urban infrastructure.
At present, the company is working with the government, regional bodies, and local councils to re-think and optimise the way traffic and transport infrastructure is built and used.
In works with Greater Manchester and Greater Cambridge
Notably, Transport for Greater Manchester is already a key partner and is scaling up installation to an area of 20 junctions this year.
On the other hand, the Greater Cambridge Partnership in conjunction with Cambridgeshire County Council has also chosen to pilot this intelligent technology to ease congestion and prioritise greener and active travel.
“These are incredibly exciting times for Vivacity Labs, and the investment will support our objective to enhance and optimise traffic systems everywhere,” said Mark Nicholson, CEO of Vivacity Labs. “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. I’m proud of our team who have developed some first-of-its-kind technology which has untold potential.”
The Mobeus deal team comprised Greg Blin and Amaad Mahmood. Ed Wass, Portfolio Director, will be joining the Board. Greg said, “We’re incredibly excited to back this high-quality, passionate team who have created a market-leading product”. Cobin Corbally, Partner at Downing Ventures, commented, “We are delighted to continue our support for this dynamic young business, which is a global leader in traffic management solutions, using AI technology to make the world a safer place.”
— to www.uktech.news
