Israel-based startup Waycare has raised USD 7.25 million to enhance its AI capabilities and expand its platform into more markets globally. The series A funding round was led by SJF Ventures, with participation from Next Gear Ventures, Innogy, Goldbell, Zymestic Solutions, Spider Capital, Janom, and UpWest.
Currently, Waycare is helping city planners to make better-informed traffic-management decisions.
It utilizes historical and real-time data inputs from connected cars, roadside cameras, fleet management platforms, telematics, public transit services, construction projects, and even weather forecasts to build a comprehensive picture of the city’s surrounding.
AI to Identify Abnormal Situations
Waycare uses AI to identify any anomalies. The AI mainly involves training Waycare’s algorithms to process historical data around road behavior and then apply that understanding to real-time traffic data.
Further the algorithm tries to figure out whether those anomalies are serious road incidents that need the attention of police.
Established in 2016 at Israel, Waycare also has an office in Los Angeles, which manages most of its state rollouts across the U.S including Southern Nevada, Florida and Ohio.
Partnership with Google’s Waze
Since its inception, Waycare has secured a number of notable partnerships, including with fellow Israeli company Waze, which is owned by Google.
Last year, both Waycare and Waze entered a data-sharing pact, giving Waycare access to Waze’s crowdsourced navigation data while allowing Waze to access data from Waycare, like road hazards, disruptions, or other unforeseen incidents.