INRIX has announced a major financial boost to its coffers following a $55 million investment by Porsche which now means that the provider of traffic data tools and information is valued at roughly $550 million.
INRIX CEO Bryan Mistele confirmed the funding in an interview with GeekWire, saying about half of the money would be used to push the company faster into services for the connected car, whilst the remainder would be used to reward early investors in the venture. The Wall Street Journal reported on the financing on 12 September, noting that it marks the first such investment by Porsche Automobil Holding SE’s family fund.
“What the investment does is it allows us to continue to expand in terms of connected car, and pivoting the company from just a traffic data company to an industry leader in connected car services and analytics,” said Mistele, adding that those areas represent huge “megatrends” in the car business. “It’s all about connecting cars to infrastructure, and connecting cars to smart cities, and we are a key player in that.”
INRIX, which spun out of Microsoft Research nine years ago, operates what it dubs the “largest traffic network in the world.” The technologies allow makers of navigation systems to more accurately predict the best routes to get from point A to point B, avoiding traffic bottlenecks.
The company now employs about 350 people, and the new funds will help it grow and develop new services.
“The investment by Porsche will allow INRIX to transition away from its base of venture capital investors to larger investors who want to be part of the company’s next stage of growth.” Mistele said