Israel-based intelligent traffic management startup ITC has raised $5 million in a Series A funding round, while Japanese mid-market private equity firm J-STAR has completed capital participation in Miraie Co., Ltd, an IT system development provider.
Israel-based ITC raises $5m Series A
Israel-based intelligent traffic management startup ITC has raised $5 million from Champel Capital, Mobilitech Capital, and Earth Venture Capital. The startup said in a statement that it will use the Series A funds to commercialise its products.
ITC, founded by Aharon Brauner and Dvir Kenig, aims to solve traffic jams by developing cutting-edge computer vision and AI/ML algorithms that predict traffic patterns and prevent traffic congestion.
Through measurement, prediction, and mitigation, the software also enforces municipal traffic policies, such as public transport, bicycle, and pedestrian prioritisation.
ITC’s technology has been deployed in the US, Brazil, Australia, Israel, and Europe.
Earth Venture Capital (Earth VC) is a global venture capital firm investing in climate-tech solutions, with a focus on the Southeast Asia region. The firm invests in seed to series A startups in artificial intelligence, machine learning, robotics, new materials, new energy, and the Internet of Things that serve the goals of switching to renewable energy, abandoning fossil fuels, and increasing the level of carbon storage.
J-STAR backs IT systems development provider Miraie
Japanese mid-market private equity firm J-STAR has completed the capital participation in Miraie Co., Ltd, an IT system development provider based in Tokyo, according to an announcement.
As Miraie employs elderly and freelance engineers, its gels with Japan’s current macro-economic trend of a diverse workforce in an ageing society. Miraie has contributed to mitigating the shortage of engineers in the IT industry, and the headcount of IT engineers employed by Miraie has exceeded 500 on a monthly basis.