Next time you think about double parking, do not forget that a San Francisco-based startup just raised a big Series C round of funding to make sure you don’t.
Hayden AIvision-based AI platform raised in a $90 million round of growth capital led by Growth Fund — TPGImpact investing platform – with existing investors Payout Fund, Autotech Projects and others.
While the company’s platform uses cameras mounted on buses that may detect illegal parking or traffic violations, it could possibly also do more. The platform uses sensor systems to collect geospatial data to provide cities with insights into improving road safety and accessibility. It can detect and predict traffic jams, improve transportation networks, and more.
“The Rise Fund enables us to evolve our platform into a true city operating system – processing data and generating actionable insights that will help cities become more livable for everyone,” he said. Chris Carsonfounder and president.
The company said that thanks to automated cameras monitoring traffic in New York City, buses are running 5% faster and automotive collisions are down by 20%.
Founded in 2019, the company has raised over $193 million to date, according to Crunchbase.
Govtech goes all out
This is the largest funding received by a government technology startup this 12 months, but actually not the only one.
In fact, govtech startups have already raised $271.4 million this 12 months, according to Crunchbase dataThis amount has already exceeded last 12 months’s total of USD 249.7 million invested in the sector.
In addition, there was a huge drop in the government technology sector in February, when the software provider OpenGov he agreed to sell majority stake to the current shareholder Cox Enterprises at a valuation of $1.8 billion.
This deal caught the attention of many investors, which likely didn’t hurt fundraising in the sector.
Professional inquiry:
Rounds raised by GovTech startups
Nobody raves about Govtech, but it could bring in some serious profits