GoodVision Ltd, a London-based startup with the aspiring goal to improve the transportation industry via advanced technology and AI, has secured a €2.7 million investment for boosting their future growth worldwide. The transaction was closed by a trio of European investors, just before the year’s end. A symbolic time signaling new beginnings for the company. To date, GoodVision has raised €3.7 million in funding.
There has been a significant increase in the number of people living in urban areas over the past decade. Predictions say that by 2050 one in three persons will be living in cities.
That’s what inspired GoodVision to become one of the most ambitious and proactive companies in the transportation analytics industry. Their advanced solutions help municipalities understand the happenings on roads and intersections and control the traffic to reduce congestion levels, commute times, and thus increasing safety for vulnerable road users.
GoodVision’s main product “GoodVision Video Insights” is a fully scalable SaaS operating worldwide. It is 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.
Some of the largest civil engineering companies in the world use it to solve the problem of inefficient traffic planning and traffic control. Companies have been trying to resolve this for decades. And with GoodVision they are capable of obtaining particularly rich data about traffic flows to manage traffic better and make their cities breathe again.
“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," explained GoodVision CEO Daniel Stofan. "GoodVision is the place where all related parties can work together on their projects and have most of their work tasks automated. That in turn helps them save time which they can dedicate to more relevant assignments.”
GoodVision Ltd launched its product in 2019 and today is providing it to 80 countries across 6 continents. Since the beginning, the company has been striving to build distribution partnerships across the globe. Such a strategy proved successful as their distribution channels are now spread between Denmark, Netherlands, New Zealand, USA, Chile, Philippines, Australia, and South Africa. This new capital investment will give them the chance to expand their presence even further in 2023.
The company owes such achievements to an excellent, international team, with their dedication and ability to take a dare whenever needed. They will be looking for new talents for each department, sharing the same passion for innovation and willingness to take part in their ambitious plans.
‘’We are super excited about the GoodVision story and what this cool team achieved so far. 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,’’ said Lead Ventures Partner Haszonics Balázs.
The latest funding round was led by Lead Ventures, with previous investor Credo Ventures following on. They are both well known for backing an impressive portfolio of companies from CEE, some of whom became unicorns such as the Czech Productboard. The investors were joined by Bulgarian Sofia Angels Ventures.
This round of investment is particularly relevant in view of all the future possibilities opening up in the transportation industry. The past years have witnessed revolutionary digital transformations and more innovative mobility solutions will become a reality in the next future. Widespread 5G adoption has the potential to create smarter, safer, and more connected vehicles. Even for emerging technologies such as connected cars, vehicle-to-everything (V2X) communication systems, and autonomous driving, GoodVision is on track to become the key traffic insights provider.