Automotus, a Los Angeles-based software company specializing in sidewalk management, traffic monitoring and related payment technologies, announced this month that it has secured $9 million in a new funding round.
With this latest round of funding, the startup Self-propelled has now raised a total of $26 million. The company was founded in 2017 by Jordan Justus and co-founder and CTO Harris Lummis while they were students at Loyola Marymount University.
Investors participating in the round include Santa Barbara Venture Partners, Weatherford Capital, BarronKent Ventures, Techstars Ventures, kineo, as well as other backers, according to a company release. The increase includes $7.5 million in equity and $1.5 million in credit.
The company’s platform, which is increasingly making waves in the market, uses computer vision to help cities and airports better manage curbside activity, offering tools for traffic monitoring, data analysis and automated payments.
Said the CEO Jordan Justus“Cities and airports are under enormous pressure to upgrade sidewalk infrastructure as commercial traffic increases and autonomous vehicles emerge. This investment allows us to increase our impact and continue to provide solutions that improve safety, efficiency and sustainability on city streets.”
Growing demand for ride-sharing services and increased retail deliveries have made curbside space increasingly crowded, increasing the need for more sophisticated management solutions.
The company says its technology is now deployed in dozens of markets across the country. Proceeds from this new financing will be used to expand product capabilities, enter new markets and improve customer support.
According to Ganesh Vanamacomputer vision engineer at Automotus, “The WHO estimates that around 1.19 million people die each year from road accidents, more than half of whom are vulnerable road users, including pedestrians, cyclists and motorcyclists. »
“AI-based edge management gives cities a way to see and measure interactions. Using computer vision and real-time edge analytics, cities can understand how their streets operate on a daily basis and rethink street design to improve safety,” added the computer vision expert.