Real-time traffic information provider INRIX has raised $37 million in series D round funding led by Kleiner, Perkins, Caufield & Byers' (KPCB) Green Growth Fund and August Capital.
According to the company, the investment will be used to fuel acquisition efforts, continued global expansion and R&D focused on the company's growing in-car services and mobile applications businesses.
Currently more than 100 million people in more than 22 countries across North America and Europe use INRIX-powered traffic services. Key partners include names like Audi, Ford Motor Company, MapQuest, Microsoft, NAVIGON, Tele Atlas (News - Alert), Telmap, TeleNav, and Toyota. In fact, INRIX currently powers Ford SYNC traffic and navigation services
“With over 150 industry-leading customers across 8 different distribution channels, a profitable business, and nearly 90 percent compound annual revenue growth over the past 3 years, INRIX did not need to raise capital,” said Bryan Mistele, president and CEO of INRIX, in a statement. “However, given new market opportunities including the rapid adoption of our premium traffic services, increasing demand from automakers for global solutions and the explosion of LBS on mobile devices, we're accelerating several investments designed to firmly cement our global leadership position.”
According to INRIX, last year alone the company added 40 new industry partners and customers, was awarded seven new patents, tripled the size of its crowd-sourced Smart Driver Network and extended its reach internationally to six new countries. With 150 industry-leading companies and more than 100 million people using INRIX's traffic information today, the company is improving mobility worldwide by helping drivers save time, use less fuel, and reduce their environmental impact, said the traffic service provider.
Commenting on this investment, Michael Linse, partner at Kleiner, Perkins, Caufield & Byers, said, “Traffic congestion costs the U.S. economy upwards of $155 billion dollars annually. Last year alone, US drivers wasted 3.9 billion gallons of fuel sitting idle in traffic, and the US is a small part of a much larger and growing global traffic problem.”
“We believe that INRIX is uniquely positioned to help improve the efficiency of our cars in ways that reduce fuel consumption and improve sustainability for all,” noted Linse.
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Ashok Bindra is a veteran writer and editor with more than 25 years of editorial experience covering RF/wireless technologies, semiconductors and power electronics. To read more of his articles, please visit his columnist page.Edited by
Jennifer Russell
