Transport tech investor reveals strategy for backing successful firms

“We love it when founders come to us with insights, and teach us something about the problems they're trying to solve,” says Paul Miller, the Chief Executive of tech investor Bethnal Green Ventures.

Paul’s firm has just invested in Streetwise Technology – an SME supported by Connected Places Catapult – which has developed a new version of a Belisha beacon called the Lodestar; designed to alert motorists who may not have spotted someone crossing the road.

Streetwise uses radar technology to detect vehicles, pedestrians and cyclists; with AI used to monitor and predict the interaction between them. An alert is triggered if the driver fails to slow or stop, and the flashing light of the Belisha beacon changes; drawing the driver’s attention to the pedestrian.

Investing to make an impact

Bethnal Green Ventures describes itself as an early stage, ‘tech for good’ capital firm which invests institutional funds in start-ups that promise to make a positive impact on the world, and show great financial potential.

“There are big opportunities for companies such as Streetwise delivering good social or environmental outcomes, as people want to work for them, invest in them and buy from them – which ultimately makes them more valuable. We think that’s a good investment strategy.”

Paul Miller, Chief Executive, Bethnal Green Ventures.

Over the last five years, so called ‘impact investment’ around digital technology in the built environment has grown, Paul adds. “We’ve invested in urban transport technology before, but Streetwise was the first company to come to us about investing in a piece of adapted street furniture.

“We saw the immediate use case with its technology to improve road safety, but we were also interested in its application to monitor air quality. This potentially represents a very large market.”

Building a worthwhile collaboration

Bethnal Green Ventures typically invests in one out of every 50 companies it sees seeking investment, “but when we do choose a venture to work with, the relationship is incredibly collaborative and we pull together to develop the company.

“With start-ups, we look to understand their business, they start to understand us, we set goals and do our best to help them achieve their aims.”

The investment is not just about the money, either. “We're lucky to have a large community of other founders and mentors around us who have been through what the start-ups are experiencing,” he adds.

“Their advice can be helpful to those starting out who might need help around hiring staff or writing their first contract.”

Connected Places Catapult offers, Paul adds, a “shared purpose and a bringing together of different kinds of stakeholders.

“There's more early-stage investment available for start-ups now compared to five years ago,” he says. “However, public sector procurement is still not particularly accessible to start-ups. We’re going in the right direction, but there's still quite a lot of things holding people back.”

There are also “many more founders out there than capital available,” and the UK is far behind countries like America in terms of “investing in, and supporting early-stage businesses”.

Technology and trials explained

Streetwise Technology is exploring the use of in-vehicle notifications, directly notifying drivers of objects in the road. The beacons also feature both Auracast Bluetooth technology, to alert those with hearing impairments to the approach of vehicles, as well as air quality sensors to monitor the effect traffic flow is having on pedestrians.

Company Chief Executive Dorian Isaacson says the true power of the new technology lies in the data it collects, from pedestrian numbers using a crossing to the effect traffic has on air quality, to help provide councils with insights they need to make informed investment decisions.

In March, Streetwise Technology installed the first road-based Belisha beacon system on a pedestrian crossing at Southend-on-Sea in Essex. Data collected will be fed intro a platform called Streetwise Flow to provide the local council with insights which they can use to make investment decisions. Key insights include the number of near misses, traffic and pedestrian flows and air quality. Additionally, Streetwise uses AI to predict times when near misses may occur, helping councils anticipate incidents before they happen.

The aim is to alert the authority as to what times of day – or in which weather or traffic conditions – there may be an increased risk of collisions.
The company has also received a grant to trial its technology at Portsmouth International Port where it is building a digital map of traffic flows through the site, identifying bottlenecks, safety concerns and ways to improve the efficiency of the site.

Dorian was introduced to Connected Places Catapult last year when a mutual connection advised him to sign up to the Transport Research & Innovation Grants programme run by the Department for Transport and supported by the Catapult.

Streetwise also successfully applied for a ‘Tech Stacking’ grant offered by the Catapult, and attended last year’s Connected Places Summit.

“The journey so far has been great and I have been incredibly pleased with the warm reception we have received from a range of industry stakeholders.”

Streetwise Technology, Chief Executive, Dorian Isaacson

Earlier in the company’s journey, a temporary traffic management company purchased the product to help improve pedestrian safety by monitoring near misses.

“The grants provided us with a foundation to build our core technology, but also provided us with a platform to explore solutions in the multimodal and temporary traffic environment.

“I’m excited about the future as we continue to explore the use cases of our technology and how it can improve equality for all.”

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