London, June 11th, 2019 – GoodVision, a London and Prague based deep tech startup, announced today a Seed venture capital investment of € 1 million from NEO Ventures and Credo Ventures. GoodVision is the first to provide rapid and fully automated traffic video analytics for civil engineering companies and smart cities.
Since its official launch in 2018, GoodVision’s SaaS product “Video Insights” rapidly gained a strong position on the market, experiencing double-digit monthly revenue growth. Today, it is actively used by more than 500 traffic engineering users across five continents. GoodVision’s technology is compatible with all standard cameras, and using it is as simple as uploading a video to the cloud.
Within 1 hour turnaround time, GoodVision’s proprietary deep learning algorithms retrieve a full set of real-world traffic data with unrivalled 95% to 100% accuracy. These are the crucial information used to prevent traffic congestion, to perform efficient street design and to increase the traffic safety and fluidity on the roads. It solves the huge bottleneck of data gathering for traffic models which is currently mainly reliant on human counters.
The financing will be used to fund GoodVision’s global expansion and to expand GoodVision’s proprietary tech capabilities into the Intelligent Traffic Management Systems area.
“With reach to the UK and US market, NEO Ventures and Credo Ventures are the ideal partners as we continue to scale our business globally.” said Daniel Štofan, co-founder and CEO of GoodVision. “We’re excited to have partners on board that provides us not only capital, but also vast strategic experience.”
“GoodVision’s flawless solution is unmatched in speed, convenience and accuracy and answers a very real pain for traffic engineers who need more and better data to inform their models, yet have to rely on outsourced human counters, with all the slowness and unreliability that this involves” said Vladislav Jez, Partner at Credo Ventures.
“We are excited that Credo Ventures joined us in this great investment opportunity. Together, we will give our full support to the founders and the incredible team of GoodVision, poised to transform the video analytics market, as we know it.” said Deyan Dobrev, Partner at Neo Ventures.
Founded in 2017 in Prague, Czech Republic, GoodVision is a end-to-end traffic video analytics SaaS self-serviced platform led by technology entrepreneurs and artificial intelligence experts. GoodVision offers its clients an easy and efficient way of collection and analysis of vehicle traffic and pedestrian footfall data, solving the problems of traditional solutions and combining a wide variety of one-purpose sensors into a single solution. Users benefit from a higher productivity and business throughput, lowered operational costs, all with no deployment or maintenance costs.
About NEO Ventures
Neo Ventures is the first open-ended investment company with entrepreneurial capital, based in Eastern Europe that invests in game-changing businesses, without geographic limitations. NEO founders backed more than 30 startups and exited 10 successfully in the past decade.
About Credo Ventures
Credo Ventures is an early stage venture capital firm with offices in Prague and Silicon Valley. Investing in IT startups with a strong technological foundation, the Credo team strives to partner with outstanding founders to realize their global ambitions. It manages 150M € across 3 funds and to date, it has made more than 35 investments throughout Central and Eastern Europe including in the likes of Uipath, Productboard, Photoneo or Price f(x).