Traffic flow information provider Inrix announced a $15-million Series C round of funding yesterday led by existing investors August Capital, Bain Capital Ventures and Venrock. Inrix intends to utilize the funds to further accelerate deployment of its technology and international expansion.
“The pending acquisitions of Tele Atlas by TomTom and Navteq by Nokia have dramatically changed the landscape of the navigation and location-based services markets, creating significant opportunities for Inrix,” said Ajay Agarwal, managing director at Bain Capital Ventures. “Inrix is now the only independent traffic flow aggregator in the U.S.”
Founded in 2004, Inrix has added nearly 30 new industry partners and customers in the past year alone, grown the maximum available coverage of real-time traffic flow information in the U.S. from 36 markets to 100, introduced real-time and predictive coverage for roadways throughout the entire U.K., and increased real-time flow coverage from 8,000 miles to over 55,000.
Today, Inrix customers include TeleNav, Telmap, Clear Channel's Total Traffic Network, deCarta, TomTom, TCS and Tele Atlas. In the public sector, Inrix also recently began providing operational traffic data services, using GPS-based vehicle probes, to the Wisconsin DOT.
