Vivacity Labs has announced that it has secured £5 million of Series A funding, led by investor Mobeus, with additional funding from existing investors Downing Ventures and London Co-Investment Fund as well.
The investment will support the company in its 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 the Vivacity expansion plans, the company has recently appointed Rob Stait as UK Sales Director, previously of AppyWay, and with 20 years’ experience in growing technology businesses. It is also planning to double its headcount and it 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.
The company is also 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. “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.”
Greg Blin, Investment Director at Mobeus said, “We’re incredibly excited to back this high-quality, passionate team who have created a market leading product”.