We’re happy to announce that we raised at $42 million valuation with extra funding to fuel our expansion into North America under the name Viva. This will help us carry on transforming cities into smarter and more efficient places to live and work.
In this funding round, sustainable infrastructure VC investor ENV is joining our existing investors, alternative assets and SME investment manager, Foresight Group and Gresham House Ventures, the growth equity arm of specialist alternative asset manager, Gresham House.
Our artificial intelligence sensors gather accurate, detailed and anonymous data on transport modes, traffic flow and travel patterns, supporting strategic decisions to help optimise the transport network and improve urban infrastructure.
The funding comes after an impressive year of growth for our company, with Viva’s global sensor network surpassing 20 billion road user counts. The volume of sensors in the market also increased by 48% over the past year, while 94% of customers renewed their contracts. Alongside continued growth in Australia, oaur global team has grown by 20% over the past 12 months and moved into larger offices in Shoreditch, with key hires including our Head of Global Marketing, Mike Hollingbery.
Making roads smarter and safer
Major new contracts this year include Nottingham City Council, which is installing Viva’s sensors city-wide to understand how different transport mode volumes affect pollution levels. Data from our sensors also played an instrumental role in Barnet Council’s successful Levelling Up bid. The £29.5m investment will be used for the redevelopment of Colindale Tube station.
When it comes to Viva’s North America expansion, our team has been conducting a pilot project with the New York City Department of Transportation (NYC DOT), with sensors installed in Manhattan, Brooklyn and Queens. NYC DOT is assessing how they could use this data to prioritise projects for the areas most in need of safety and other improvements, while simultaneously helping NYC understand how people are using the city’s streets.
2023 will be a pivotal year for Viva, with the launch of our new product portfolio. This portfolio has targeted products that address the three major challenges the transportation industry faces: Sustainable Transport, Road Safety and Network Optimisation to beat congestion.
Our CEO and Co-Founder at Viva, Mark Nicholson, commented: “The investment from ENV, Foresight Group and Gresham House Ventures will support us in our mission to optimise transport networks and improve urban infrastructure, increasing both the safety and sustainability of our roads. Our growth over the past year is a testament to our hard working team, and we look forward to the opportunities that 2023 will bring, especially when it comes to expanding our product suite and continuing our international expansion.”
Theodor Schulte, Investment Manager at ENV: “Zero emissions and zero casualties are goals that every city should thrive for. We’re convinced that Viva’s talented team and their unique technology will help cities globally to achieve this.”
Ed Wass, Portfolio Partner at Gresham House Ventures added: “We have continued to be impressed by Viva’s progress following our first investment in the company and are excited to be injecting further capital to support the next stage of its development internationally. Viva’s offering has enormous potential to improve transport systems around the world, and we look forward to working closely with the company in the coming years to enable its continued growth.”
Check out our Events section to see where you can meet and connect with the Viva team next.
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