VivaCity, a scaleup in transport technology based in London, has secured £7 million in finance from Gresham House Ventures, Gresham House, Foresight Group, and sustainable infrastructure VC investor ENV.
The funding will support VivaCity’s growth in North America and enable it to provide a wider range of products.
With sensors installed in Manhattan, Brooklyn, and Queens, VivaCity has been running a pilot project with the New York City Department of Transportation (NYC DOT) as part of its expansion into North America.
VivaCity intends to expand its product line in 2023, with a particular emphasis on three issues: sustainable transportation, road safety, and network optimization to reduce congestion.
“The investment from ENV, Foresight Group, and Gresham House Ventures will support us in our quest to optimize transport networks and improve urban infrastructure, boosting both the safety and sustainability of our roadways,” said Mark Nicholson, CEO and co-founder of VivaCity.
“Our team’s dedication has contributed to our progress over the past year, and we’re excited about the prospects 2023 will present, particularly for growing our product line and expanding internationally,” Mark Nicholson added.
By providing authorities with the appropriate transport data at the appropriate moment, Mark Nicholson, Peter Mildon, and Yang Lu’s VivaCity help make cities smarter, safer, and more environmentally friendly.
The business’s AI sensors collect precise, thorough, and anonymous information about traffic patterns, travel modes, and travel behavior around-the-clock to support business strategy and help optimize the transportation system.
Additionally, the business has won additional contracts this year, such as one with Nottingham City Council, which is placing VivaCity’s sensors throughout the city to analyze how various traffic volumes affect pollution levels.
The funding comes after VivaCity saw rapid expansion, with its worldwide sensor network nearing 20 billion road users.
According to the UK company, 94% of clients renewed their contracts while the number of sensors on the market expanded by 48% over the previous year.
In addition to Australia’s ongoing expansion, the worldwide team has expanded by 20% over the past 12 months and relocated to larger premises in Shoreditch. Key recruits include Mike Hollingbery, Head of Global Marketing.
Theodor Schulte, Investment Manager at ENV: “Every city should strive towards zero emissions and zero casualties. We are confident that VivaCity’s skilled team and distinctive technologies will assist cities all around the world in achieving this.
“We have continued to be impressed with VivaCity’s progress following our first investment in the firm. We are excited to be contributing extra cash to assist the next stage of its development abroad,” said Ed Wass, Portfolio Partner at Gresham House Ventures.
Ed Wass continued, “We look forward to cooperating closely with VivaCity in the years to come to support the company’s continuing growth because we believe that their product has huge potential to enhance transportation networks all across the world.”
Image Credit: VivaCity