In just a few milliseconds, the technology from the company Neural Labs is capable of reading the license plate numbers of all types of vehicles. Inside the radar cameras, software is installed that allows authorities to control pollution or speed on the roads.
The company, based in Cerdanyola del Vallès, sells its technology to different public administrations in cities in Spain, Mexico, Colombia, Chile, Argentina and other Latin American countries. In 20% of cases, the clients are private companies, such as Ferrovial or Indra, that use the software for highway speed cameras.
Last year, Neural Labs had a turnover of 4.6 million euros and, this year, it is expected to reach 6 million. “Since the birth of the company in 2005, the business has been growing gradually and this year will not be an exception,” says Elías Valcárcel, co-founder of the business with Jesús de la Calle.
Additionally, the company is open to accelerating its growth if it receives external financing from a financial partner. “It is not a short-term project, but we are willing to bring in an investor who contributes between 2 and 3 million of capital,” says Valcárcel, who is now the majority shareholder of Neural Labs.
The owner would like to expand its presence into the Asian market. Currently, half of its sales occur in Spain and the other half in Latin America. In fact, it was in this region where the company began its journeys, selling to Colombian authorities who wanted to control vehicle theft. “We started abroad and over time we grew in Spain,” reflects Valcárcel, who remembers how technology has become more sophisticated over time. Before, he comments, it was unthinkable for the software to interpret the video so quickly since the system took several hours.
With a staff of 40 people, and plans to incorporate five more this year, the company is working on launching new products. The most recent is a functionality that allows motor vehicles to be warned of the presence of cyclists inside the tunnels while recommending them to reduce speed. This technology, which is already used by the Servei Català de Trànsit, also serves to detect smoke or the presence of animals inside the tunnels. “We want to become a key player in the configuration of smart cities and the future,” concludes Valcárcel.
