We are proud to announce that we have secured £5m of Series A funding in a VC round led by investor Mobeus, with additional funding from existing investors Downing Ventures and London Co-Investment Fund.
The investment will support us in our expansion of our AI-based traffic signal system, which reduces congestion and allows cities to prioritise sustainable modes of transport, such as cyclists and buses. The system will enable cities and transport authorities to efficiently adapt to different policy priorities, including reducing queuing, reducing emissions, and improving air quality. Transport for Greater Manchester is already a key partner and is scaling up installation to an area of 20 junctions this year, and the Greater Cambridge Partnership in conjunction with Cambridgeshire County Council have also chosen to pilot this intelligent technology to help ease congestion and prioritise greener and active travel.
As part of our expansion plans, we have recently appointed Rob Stait as UK Sales Director, previously of AppyWay, and with 20 years’ experience in growing technology businesses. We are also planning to double our headcount and we are recruiting for roles across the company, including in R&D/software development, sales and marketing, and operations. Our manufacturing centre will remain in the UK, in Bletchley, Milton Keynes.
We are also seeing demand from international markets for smarter transport insights, as countries support initiatives in active travel and improved road safety. This year we will expand to support customers in countries including the Nordics, Benelux, and Australia.
“These are incredibly exciting times for Viva, and the investment will support our objective to enhance and optimize traffic systems everywhere,” said Mark Nicholson, CEO. “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.”
Greg Blin, Investment Director at Mobeus said, “We’re incredibly excited to back this high-quality, passionate team who have created a market leading product”.
This is a fantastic start to the year for Viva and we’re very much looking forward to the rest of 2021 and beyond, further developing our market-leading technology and solutions to help make cities smarter, safer and more sustainable.