The struggle against road accidents, traffic congestion, and air pollution, coupled with the massive budgets allocated by the US government to combat these issues, all forecast a promising future for the traffic light technology of the Israeli company NoTraffic. This outlook led the British fund M&G Investments to lead a Series B funding round in the company, raising $50 million. The funds are expected to be used to expand all areas of the company’s activity, beyond rapid growth and a potential IPO in the future.
The Swedish fund VNV Global, owner of GETT, also joined this fundraising round. Existing investors in the company – Mita-Tech, Grove Ventures, UMC Capital, Vektor Partners, North First Ventures, Next-Gear and TMG investment fund also participated in the round. This brings the total amount raised by the company to date to $75.5 million.
