Transportation startup Waycare completed $2.3 million in seed financing, led by Spider Capital and Innogy SE. UpWest Labs, SeedInvest, Goldbell Investments, Janom, and Zymestic Solutions also participated.
Waycare aims to shape the future of city mobility and to enable cities to take full control of their roads. The company harnesses in-vehicle information and municipal traffic data for predictive insights and proactive traffic management optimization. Its proprietary deep learning technology provides cities with analytics and real-time decision making tools with the goal of enabling proactive traffic and incident mitigation and dynamic real-time traffic flow optimization options.
The announcement said Waycare plans to use the investment to expand its software development team and support upcoming engagements with cities across the U.S., Europe, and Asia.