London traffic tech pioneer secures £5m to drive recruitment and expansion
A London tech company has announced that it is aiming to double its headcount after securing £5m funding.
Vivacity Labs, which uses sensors and artificial intelligence to improve traffic insights and safety, received the £5m funding from an investment round led by Mobeus, with additional funding from existing investors Downing Ventures and London Co-Investment Fund.
The investment will see Vivacity Labs double its headcount, and will also support the expansion of Vivacity Labs’ AI-based traffic signal system, which reduces congestion and allows cities to prioritise sustainable modes of transport.
This year it will expand to support business opportunities in countries including the Nordics, Benelux, and Australia.
Mark Nicholson, CEO of Vivacity Labs, commented: “These are incredibly exciting times for Vivacity Labs, and the investment will support our objective to enhance and optimise traffic systems everywhere.
“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.”
Mobeus was advised by Marriott Harrison (legal), Jim McLaughlin (Financial), PMSI (Commercial), Neotas (Management), Scoptima (Operational) and Stuart Lynn Consulting (IT).
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