Traffic Optimization Startup Waycare Raises $7.3 Million

5 years, 1 month ago - 4 October 2019, calcalistech

Waycare develops an artificial intelligence-based transportation management service that aggregates historical and real-time data from various sources, including vehicle systems, weather monitors, video cameras, and road sensors, to allow first responders to act before accidents develop into traffic jams

Tel Aviv-based traffic optimization startup Waycare Technologies Ltd. has raised a $7.3 million series A funding round, the company announced Thursday. The round was led by North Carolina-based SJF Ventures, with participation from Frankfurt-listed Innogy SE, UpWest Labs Management LLC, Next Gear Ventures, Spider Capital, Goldbell Group's venture capital arm Goldbell Investments, Zymestic Solutions, and Janom S.R.O.

Founded in 2016 with offices in Tel Aviv and Los Angeles, Waycare develops an artificial intelligence-based transportation management service. The company's predictive software aggregates historical and real-time data from various sources, including vehicle systems, weather monitors, video cameras, and road sensors, allowing first responders to identify and deploy resources to troubling areas and act before accidents develop into traffic jams.

The company's service is currently available in Nevada, Ohio, and Florida. The company intends to use the new round of funding to expand its services to additional cities in the U.S., as well as to Europe and Israel in 2020.