Israeli firm ITC received $5 M Series A funding, aims expansion in Southeast Asia
One of Southeast Asia’s most urgent problems has continued to be traffic congestion for many years.
Intelligent Traffic Control (ITC), a company based in Israel, creates algorithms and computer vision software to forecast traffic patterns and possibly avoid gridlock.
ITC claimed that its algorithms are accurate in identifying 99% of cars, buses, ambulances, and pedestrians, which aids the company in understanding how they might act.
The startup just closed a US $5 million round of series A funding and intends to expand into Southeast Asia. Mobilitech Capital, Champel Capital, and Earth Venture Capital are some of the investors.
With commuters in Manila and Bangkok spending an average of 66 minutes and 72 minutes per day in traffic, respectively, the Asian Development Bank estimates that traffic congestion in Southeast Asian cities costs the region about $100 billion annually.
Aharon Brauner and Dvir Kenig founded the company in the year 2019. The startup already has systems in place in the US, Brazil, Australia, Israel, and Europe, where it oversees millions of vehicles each week. Without the use of any additional hardware, it claims that its technology has reduced traffic jams by up to 30%.
