janom a.s., private equity company is excited to announce that Waycare recently closed a $7.25M Series A Round! You can find the official announcement below:
Waycare Raises $7.25M to Fuel Further Advancements in AI-Based Transportation Tech
LOS ANGELES, Oct. 3, 2019 /PRNewswire-PRWeb/ —
Today Waycare, an AI-based connected mobility platform for transportation agencies, announced that it has raised $7.25 million in Series A funding led by SJF Ventures, with participation from UpWest, Next Gear Ventures, Innogy, Spider Capital, Goldbell, Zymestic Solutions, and janom. The new funding will drive Waycare’s expansion efforts in North America and Europe, along with enhancements to its cloud-based platform.
In addition to the new round of investment, Waycare announced that Jim Ray will be joining its Board of Directors. Mr. Ray is the former Senior Advisor to USDOT Secretary Elaine Chao, bringing decades of experience in transportation and infrastructure policy. Dan Geballe, Partner at SJF Ventures, also joined the Waycare Board.
Founded in Israel and with a Los Angeles office, Waycare is an AI and cloud-based platform that empowers transportation agencies to make smarter decisions related to traffic management and traffic safety. Waycare leverages vast amounts of data coming from the existing transportation network and in-vehicle data sources to provide actionable new insights. Waycare’s first commercial deployment with Southern Nevada in 2017 demonstrated improvements in reducing both primary and secondary crashes, also improving response times and multi-agency communication. Since then, Waycare has expanded to Florida, Ohio, and other states across the United States. Waycare plans to expand its services in Europe and Israel in 2020.
“Transportation agencies across the world are grappling with the burden of improving traffic safety and congestion that affects their city’s residents, while at the same time meeting the demands of rapid changes in the mobility sector,” said Noam Maital, CEO of Waycare. “Waycare is fortunate to be at the crossroads of serving the public sector while partnering with the wider mobility ecosystem to help cities and states build the next generation of transportation operating systems.”
Waycare’s continued growth is, in part, due to its ability to provide decision-makers with tangible insights quickly, and without requiring costly changes to existing infrastructure. Jim Ray noted that “As someone who has been working in the public sector for many years, what is exciting about Waycare is that they can be a key to enabling the public sector to adapt to the changes that are coming our way.”
While Waycare continues to work with transportation agencies to prevent crashes and enable smarter traffic management decisions, it also serves as the foundation for future adoption of new mobility solutions such as autonomous vehicles, microtransit, scooters, and advanced public transit.
“Over the past decade, we’ve seen a transformation not only in the amount of data coming from various mobility modes such as connected vehicles, but also in the advancement of artificial intelligence technologies to interpret and learn from data,” said Dan Geballe, Partner at SJF Ventures. “Waycare is a prime example of how AI can be deployed in the public sector to better leverage data and existing infrastructure to improve outcomes–in this case reducing traffic, injuries, and deaths on the roads.”
Waycare is a cloud-based SaaS platform harnessing data from sources such as GPS navigation apps, connected vehicles, and infrastructure to provide actionable insights which improve traffic and safety management operations. Using Artificial Intelligence (AI), Waycare provides predictive insights to identify dangerous roads where future crashes are likely to occur, empowering proactive decision-making. Waycare is shaping the future of urban mobility, enabling cities to take full control of their roads and directly communicate with other departments and vehicles throughout their transportation networks.
janom is a private equity company, active in the field of cleantech, hi-tech, IT and electromobility in Europe and North America. janom targets unique technology solutions and fast-growing opportunities. The company also support synergy effects and cooperation among its investee companies in order to actively contribute to their growth and expansion. janom’s projects vary between technological and innovative business projects with a focus on ecological benefits. janom is the official sponsor of Deceuninck – Quick-Step Team.
Official website: https://venturebeat.com/2019/10/03/waycare-raises-7-25-million-to-improve-city-traffic-using-ai-and-big-data/