Sofia Angels Ventures invests in AI startup GoodVision

The fundraising was led by Hungarian venture capital firm Lead Ventures, which is focused on Central and Eastern European (CEE) scale-ups, with participation from existing Czech backer Credo Ventures, GoodVision said in a press release.

"The team of Good Vision has identified an important market niche and a smart model to serve it. They have worked in the domain for quite sometime through hard moments and developed a very good expertise and gained important traction with a superior product and technology. We believe that the timing is also very good," Sofia Angels Ventures managing partner Milen Ivanov told SeeNews in an emailed statement.

Founded in 2017, GoodVision has a head office in London and an R&D centre in Prague, Czechia. It has developed cloud-based AI-driven software which helps municipalities monitor and control city traffic to reduce urban congestion, commuting times and increase safety for vulnerable road users. Its real-time video monitoring and advanced traffic modelling systems are used in Czechia, Brazil, the US and Denmark, among others.

The fresh capital will help further boost the start-up's global growth in 2023 as it works to expand its distribution partnerships beyond existing ones in Denmark, Netherlands, New Zealand, the US, Chile, the Philippines, Australia and South Africa. GoodVision will also increase staff numbers across departments. The company sees strong future opportunities in digital mobility solutions, additionally linked to 5G roll-out and adoption of emerging technologies like connected cars, vehicle-to- everything (V2X) communication systems and autonomous driving.

($ = 0.9192 euro)