During the extended trading session on Monday, shares of Iteris, Inc. (NASDAQ: ITI) witnessed an upward trajectory, experiencing a 5.30% surge to reach $4.97, following a 1.67% decline in the regular session, concluding at $4.72. This pattern underscores the stability exhibited by ITI stock subsequent to noteworthy developments.
Iteris (ITI) recently disclosed its attainment of a three-year contract, valued over $1 million, from the Ventura County Transportation Commission (VCTC). The contract entails the utilization of Iteris’ ClearGuide solution to enhance mobility across the region.
Per the terms delineated in the software as a service (SaaS) agreement, VCTC will gain access to Iteris’ ClearGuide Roadways solution, facilitating sophisticated mobility analytics. With the use of an intuitive dynamic service called ClearGuide Roadways, agencies may improve incident management, work zone mobility, real-time operations, and transportation planning. This is achieved through traffic data and map content, bolstered by HERE Technologies.
To augment solution efficacy, the software will be accessible to all municipalities and other relevant agencies within the county. Furthermore, Iteris will furnish traffic volume estimates utilizing its ClearData probe data and advanced learning models, driven by leading-edge Artificial Intelligence.
These AI-powered volume estimates are updated annually for the majority of roadways in the county, including freeways and major arterials, offering a comprehensive snapshot of volume at 15-minute intervals over the preceding year. Combining this dataset with other ClearGuide traffic indicators allows for the accurate estimation of metrics like Vehicle Miles Traveled (VMT) or Vehicle Hours of Delay (VHD) on county roads, improving coverage both spatially and temporally over traditional methods.
A key component of Iteris’ ClearMobility Platform, which is acknowledged as the most complete solution for constantly monitoring, visualizing, and improving mobility infrastructure, is the ClearGuide solution. Through the use of cloud computing, artificial intelligence (AI), sophisticated sensors, managed services, consulting services, and advanced sensors, ClearMobility works to promote community prosperity, safe driving, and efficient transportation.
Iteris is poised to collaborate with the Ventura County Transportation Commission to further enhance mobility in Southern California through its SaaS offering. This initiative aligns with the adoption of ClearGuide by regional partners such as Los Angeles County and San Bernardino County, facilitating data-driven decisions aimed at enhancing accessibility, efficiency, and sustainability within the region.
