Smart mobility transportation company Valerann has announced $17 million in Series A funding.
The UK-based Israeli firm, founded in 2016, says the new money will support increased demand for its intelligent transportation software solution, Lanternn by Valerann.
The Software as a Service (SaaS) product uses artificial intelligence (AI), data analytics and data fusion to provide city authorities and road network operators with predictive analysis tools for avoiding congestion and easing traffic flow.
CEO and co-founder Gabriel Jacobson says it "helps city and highway authorities make more informed decisions around traffic management, no matter their size or budget".
“Safer and more efficient roads are possible with better monitoring capabilities and actionable data," said John Glushik, MD of HG Ventures. "We look forward to backing this team of infrastructure experts to support the evolution of smarter roads and vehicles.”
The funding round was led by HG Ventures, the corporate venture arm of The Heritage Group, with previous investors RIO Ventures Holdings and 2B Angels also participating.