Israel-based intelligent traffic management startup, ITC has closed its Series A funding from Champel Capital, Mobilitech Capital, and Earth Venture Capital to further its commercialization.
ITC was founded to solve traffic jams by developing cutting-edge computer vision and AI/ML algorithms that predict traffic patterns and prevent traffic congestion before accumulates. Through measurement, prediction, and mitigation, the software also enforces municipal traffic policies, such as public transport, bicycle, and pedestrian prioritization. ITC's algorithms are sensitive enough to correctly identify 99% of vehicles, buses, ambulances, bikers, and pedestrians and detect a range of parameters about these objects' behaviors.
ITC's technology has been deployed in the United States, Brazil, Australia, Israel, and Europe, managing millions of cars weekly. And now with US$5M raised from this investment, ITC aims to give millions of people in Southeast Asia their time back and demonstrate the potential for reducing wasted time caused by inefficient existing systems.
“We are happy to have Earth Venture Capital onboard, since its colors the round as more multinational, to have a strong and well-experienced investor from Asia, with investors from USA and Europe who participate in our journey to change the world. International investor participation will also open the doors in the future for ITC in the main global markets. It will assist in preparing the company for the next funding round next year.” said Dvir Kenig - Co-Founder & CTO of ITC.
“It is a global issue when emissions can increase by up to 40% 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.
Southeast Asia is facing numerous traffic-related problems, ranging from traffic congestion to high accident rates. According to a report by the Asian Development Bank, traffic congestion in Southeast Asian cities costs the region approximately $100 billion a year, with commuters in Manila and Bangkok spending an average of 66 and 72 minutes per day, respectively, in traffic.
These challenges can be attributed to various factors, including rapid urbanization, inadequate infrastructure, and a lack of effective traffic management systems. Traffic lights, for example, are often poorly coordinated, leading to long wait times and increased fuel consumption. In addition, emergency vehicles and public transport are often delayed by traffic congestion, compromising their ability to deliver essential services and goods.
ITC will bring solutions as a revolutionary traffic management system, these challenges can be addressed efficiently and intelligently. Their advanced computer vision algorithm accurately identifies and tracks various road users, including emergency vehicles and public transport, prioritizing their passage through traffic. Its predictive capabilities allow for real-time optimization of traffic lights to prevent gridlocks, reducing travel time for commuters and minimizing fuel consumption and emissions. Additionally, ITC's collision detection system aids in accident prevention, ultimately reducing the number of fatalities on Southeast Asia's roads.
“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% 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. As a VC, we are excited to support a solution prioritizing public transport and pedestrians.” said Amir Weitmann - Managing Partner of Champel Capital Partners.
Comments