UK: Transportation data software supplier Tracsis announced on April 4 that it had taken a stake in Vivacity Labs, a provider of data for smart cities and intelligent transport systems.
Tracsis is investing up to £1m, subject to performance milestones, through a tranched equity funding mechanism in return for 23·3% stake in Vivacity. Tracsis has an option to take a further 4·8% stake for an additional £0·3m. A Tracsis executive will join Vivacity’s board of directors. The investment round also included Downing Ventures EIS Fund and the London Co-Investment Fund, with Tracsis acting as lead investor.
‘The combination of Tracsis’ experience and extensive customer list, combined with our technology makes for a great partnership’, said Vivacity Labs CEO Mark Nicholson. ‘With this investment in place and the support of Tracsis, we look forward to accelerating our penetration into the market.’
Tracsis says that adoption of Vivacity’s technology, such as machine learning software and sensor technology, could reduce its video processing costs and improve operational performance.
‘The potential of machine learning technology is very significant and the Vivacity offering is highly complementary to our Traffic & Data Services division’, said Tracsis CEO John McArthur.