Inrix Secures $10 Million in Oversubscribed Series B Round
Inrix Deploys First Nationwide Traffic Service for Every Major Metropolitan Area in U.S.
KIRKLAND, Wash. – May 23, 2006 – Industry-leading traffic information company Inrix Inc. today announced it has secured $10 million in Series B funding, in an oversubscribed round led by Boston-based Bain Capital Ventures, with participation from existing investors Venrock Associates and August Capital.
Inrix also announced the Inrix Dust Network, the first nationwide traffic service to go beyond the limitations of road sensors and provide accurate real-time and predictive traffic speed and flow information for major freeways, highways, arterials and side streets in every major metropolitan area in the U.S.
"With today's launch of the Inrix Dust Network, we have significantly expanded traffic coverage and improved the quality of traffic information well beyond any other traffic service on the market today," said Inrix President and CEO Bryan Mistele. "We are proud to receive Series B funding from Bain Capital Ventures and intend to use the funds to continue building and delivering our uniquely scaleable solutions designed to help solve traffic congestion and save millions of American businesses and consumers, time and fuel."
The Inrix Dust Network represents a traffic technology breakthrough that dramatically improves the accuracy, quality and coverage of traffic information and provides businesses, government agencies and consumers with the information they need to avoid gridlock, and save time and money. It works by combining anonymous, real-time GPS probe data from more than 500,000 commercial fleet, delivery and taxi vehicles across the U.S. with other real-time traffic flow information and hundreds of market-specific criteria that affect traffic – such as construction and road closures, real-time incidents, sporting events, weather forecasts and school schedules.
Inrix is the first company to successfully transform a large volume of anonymous real-time GPS vehicle probe data into nationwide traffic information. Only Inrix's proprietary Traffic Fusion Engine incorporates the power of advanced Bayesian analytics to combine GPS probe data with hundreds of other market-specific data sources enabling the most accurate real-time and predictive traffic information and broadest coverage available.
"In less than two years, Inrix has grown from a tech startup to the leading provider of real-time and predictive traffic information in the U.S.," said Ajay Agarwal, Managing Director at Bain Capital Ventures. "We are big believers in the future of this company and the far reaching benefits of this technology for businesses, government agencies and consumers."
As part of the funding, Ajay Agarwal will be joining the Inrix board of directors.
About Inrix:
Founded in July 2004 by former Microsoft executives Bryan Mistele and Craig Chapman, Inrix delivers nationwide access to the most advanced and reliable real-time and predictive traffic information available today, providing industry partners and customers with high-quality, accurate data for personal navigation, mapping, and other location-based service applications in the car, online and on mobile devices.
Inrix Traffic Services leverage robust Bayesian statistical analysis to aggregate and enhance traffic-related information from hundreds of public and private sources, going well beyond the limitations of static road sensor networks, historical-based models and cellular data aggregators, to offer customers the most sophisticated understanding of the unique system-wide traffic patterns in each metropolitan area. To experience the traffic technology revolution behind the next- generation of navigation and location-based service applications, visit www.inrix.com.
About Bain Capital Ventures:
Bain Capital Ventures is the Boston-based venture capital arm of Bain Capital. Founded in 1984, Bain Capital and its affiliates have invested in over 230 companies with such notable successes as Doubleclick, Gartner Group, and Staples. Bain Capital Ventures invests across all stages of a company's growth from providing seed capital through offering late stage growth equity. Bain Capital Ventures and our early stage companies benefit from the broader resources of Bain Capital, including over 400 investment professionals across North America, Europe, and Asia, $37 billion of assets under management, and the knowledge from 20 years of successful venture investing. For more information, visit www.baincapitalventures.com.
About August Capital:
Founded in 1995, August Capital is a leading venture capital firm actively investing in entrepreneurial teams throughout the information technology market spectrum. With more than 50 years of combined venture capital experience and dozens of successful IPOs and public company board relationships, August has financed technology companies with an aggregate market capitalization of over $400 billion. These companies generate $75 billion in annual revenue and employ 240,000 people around the world. Early stage investments of the firm's partners include Microsoft, Adaptec, Compaq, Sun Microsystems, Seagate, Intuit, Sybase, Visio, Actel and ViewLogic. For more information, visit August's website at www.augustcap.com.
About Venrock Associates:
Venrock Associates was founded as the venture capital arm of the Rockefeller Family and continues a six-decade tradition of funding outstanding entrepreneurs and establishing successful, enduring companies. Venrock was formed in 1969 to build upon the successful investing activities of the Rockefeller Family that began in the late 1930s, when Laurance Rockefeller pioneered early-stage venture financing. Today, having invested more than $1.3 billion into more than 350 companies over the past 35 years, Venrock is one of the most established venture firms in the United States, with investment returns that place it among a small number of premier organizations that have achieved consistently superior performance. Venrock's investments include Apple Computer, Check Point Software, DoubleClick, Intel, 3Com, Caliper Technologies, Centocor, Illumina, and Millennium Pharmaceuticals. For more information, visit Venrock's website at www.venrock.com.
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For more information on Inrix, press only:
· Nate Murphy, Edelman, 206.268.2256,
nate.murphy@edelman.com
· Phyllis McNeice, Edelman, 206.223.1606,
phyllis.mcneice@edelman.com
