- London-founded startup GoodVision Ltd, which aims to improve transportation through advanced technology and AI, has secured €2.7 million investment in its venture round to boost its global expansion plans. This brings the total amount raised by the company to date to €3.7 million.
- The funding round was led by Hungary-based Lead Ventures, accompanied by current investor Credo Ventures and Bulgarian Sofia Angels Ventures.
As cities continue to look up to technology to solve urban density challenges, the road looks exciting for GoodVision in the years ahead. According to reports, the traffic management market is expected to grow from USD 38.2 billion in 2022 to USD 68.8 billion by 2027.
The company, based in both London and Prague, was born out of the need for novel solutions to modern cities’ traffic challenges. GoodVision offers smart city solutions for urban traffic monitoring, modelling, and control. Their main product, “GoodVision Video Insights”, is a SaaS platform with worldwide reach and customers in 80 countries on 6 different continents.
“GoodVision provides a first-of-its-kind software platform that enables what transportation specialists could not have managed before. In the past, traffic data collection was done manually by humans on the road or single-purpose sensors, and transport analytics was done with pen and paper. GoodVision is the place where all related parties can work together on their projects and have most of their work tasks automated”, said Daniel Štofan, CEO and Founder alongside Lukas Hruby.
As examples of use cases, they have provided solutions for monitoring traffic in the Czech Republic, detecting traffic violations in Brazil, analysing traffic on freeways in Minnesota, and covering the Danish stage of Tour de France.
On top of it all, the company continues to build trust with investors, having seed investor Credo Ventures join again for this venture round.
Haszonics Balázs, Partner at Lead Ventures, who led this investment round, shared his view on the company: “Their expertise in traffic management and analytics market and also their enthusiasm convinced us to support Daniel and Lukas on their journey. Their uniqueness is confirmed by many clients already and we are happy to support their mission to accelerate their global expansion.”
“Our key focus in 2023 following the investment round will be to deliver a reliable solution in the area of intelligent traffic control on intersections.”
According to Daniel Štofan, cities will be focusing in the coming years on proactive management of problems in that area. He mentioned the fact their technology can help planners make better design and investment decisions.
Another area they will be looking into in 2023 is traffic safety, gathering information on risky driving behavior, and areas with a higher probability of accidents. This allows preventive steps to be taken to avoid them.
”We are on the path to becoming the universal provider of real-time traffic awareness data also for V2X systems (vehicle to everything) and connected cars. One traffic analytics system providing data to many connected systems for multiple purposes is a unique concept’, Štofan added.
“We aim to double the research and development capacity in the region within the next 18 months.”
Štofan explained that their expansion plans include establishing a subsidiary in Hungary and expanding the capacity of their development centre in Prague.