ITC.City, a startup using AI/machine learning to predict and manage traffic jams, has just closed a €5m Series A funding round.
The firm, which was founded in Israel and benefited from the twelfth Fit 4 Start accelerator programme, raised the funds with Israel-based VC firms Champel Capital and Mobilitech Capital as co-lead investors.
ITC has developed computer vision and AI/machine learning algorithms that predict traffic patterns and prevent traffic congestion before they accumulate, using existing cameras and traffic light infrastructure. Through measurement, prediction, and mitigation, the software also enforces municipal traffic policies, such as public transport, bicycle, and pedestrian prioritisation.
Founder and CTO Dvir Kenig told Silicon Luxembourg in January 2022 that Luxembourg was an ideal location to deploy a European pilot for its software, providing a launchpad from which to expand to France and Germany. MeluXina, the 10-petaflop super computer inaugurated in 2021, also added to the appeal.
Contacted after the fundraising announcement, Kenig added that the team is now working on “the world’s biggest traffic management project, which we expect to duplicate in Luxembourg.”