UK AI company Vivacity Labs secures £5m Series A funding to fuel international growth and deliver ‘smarter transport’
(firmenpresse) - - London tech company to invest in expanding next generation ‘AI-powered traffic lights’ globally
- Company plans to double headcount and expand into Northern Europe and Australian markets
- Vivacity Labs’ technology transforms cities into smarter and more efficient places to work and live
London, UK; 22 February, 2021: Vivacity Labs, the London-based tech company which uses artificial intelligence to improve traffic insights and safety, today announced it has secured £5m of Series A funding in a VC round led by investor Mobeus, with additional funding from existing investors Downing Ventures and London Co-Investment Fund.
Vivacity Labs works with government, regional bodies and local councils to re-think and optimise the way traffic and transport infrastructure is built and used. The technology provides anonymous, highly accurate data to deliver real-time insight into road networks, infrastructure and the way in which we all use our cities.
The investment will support Vivacity Labs’ expansion of its AI-based traffic signal system, which reduces congestion and allows cities to prioritise sustainable modes of transport, such as cyclists and buses. The system will enable cities and transport authorities to efficiently adapt to different policy priorities, including reducing queuing, reducing emissions, and improving air quality. Transport for Greater Manchester is already a key partner and is scaling up installation to an area of 20 junctions this year, and the Greater Cambridge Partnership in conjunction with Cambridgeshire County Council have also chosen to pilot this intelligent technology to help ease congestion and prioritise greener and active travel.
As part of its expansion plans, Vivacity Labs has recently appointed Rob Stait as UK Sales Director, previously of AppyWay, and with 20 years' experience in growing technology businesses. The company is also planning to double its headcount and is recruiting for roles across the company, including in R&D/software development, sales and marketing, and operations. Its manufacturing centre will remain in the UK, in Bletchley, Milton Keynes.
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The company is seeing demand from international markets for smarter transport insights, as countries support initiatives in active travel and improved road safety. This year it will expand to support customers in countries including the Nordics, Benelux, and Australia.
“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."
Vivacity Labs recently won the Innovative Use of Technology Award at the 2020 Intelligent Transport Systems, ITS (UK) Awards and has secured a three-year Innovate UK co-funded programme (alongside Immense Simulations) to use AI to optimise traffic networks. Vivacity Labs 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.
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Datum: 22.02.2021 - 07:05 Uhr
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