The UK-based Israeli smart transportation startup Valerann has raised US$17 million (£12.6 million) in Series A funding. It says the investment will support the increasing demand for the company’s software product, Lanternn by Valerann, and will enable its implementation with multiple road operators in the UK, Europe and the Americas.
Founded in 2016, Valerann has since expanded through investments and research and development initiatives to offer data-driven, intelligent traffic management systems using artificial intelligence (AI), data analytics and data fusion.
The latest innovation, Lanternn by Valerann, is an transport solution designed to help city and highway authorities make more informed decisions around traffic management.
The company’s technology employs a proprietary Real-Time Data Fusion Engine that applies powerful, state-of-the-art AI and machine learning techniques to combine multiple data sources. These sources include navigation apps, IoT sensors, cameras (machine vision), social media, and connected vehicles. The company leverages cloud and big data technologies to achieve the scalability required to process the increasingly large data streams available today.
It says this deep fusion of data empowers road network operators – who currently have access to limited data – with real-time, accurate road intelligence to enable faster, better, and more effective analysis and decision-making. Future planning, strategy and prioritisation are also made possible via the software’s predictive analysis tools. This leads to safer roads, reduced congestion, lower emissions, and increased sustainability.
“Our vision is for Lanternn by Valerann to become an intelligent transportation software as a service (SaaS) solution that helps city and highway authorities make more informed decisions around traffic management, no matter their size or budget,” said Gabriel Jacobson, CEO and Co-Founder of Valerann.
“We are excited to have received this new strategic funding. It will allow us to grow the company and enhance our product – Lanternn by Valerann™ – and accelerate its implementation worldwide.”
“We are delighted to partner with Valerann on the next generation of roadway technology,” said John Glushik, Managing Director of HG Ventures. “Safer and more efficient roads are possible with better monitoring capabilities and actionable data. We look forward to backing this team of infrastructure experts to support the evolution of smarter roads and vehicles.”
The round was led by HG Ventures, the corporate venture arm of The Heritage Group. Previous investors RIO Ventures Holdings and 2B Angels also participated in this round.
(Picture – Valerann)