Posted on 07-25-2011
INRIX�, an international provider of traffic information, and driving services, announced a commitment of $37 million in funding led by Kleiner, Perkins, Caufield & Byers' (KPCB) Green Growth Fund and August Capital.
The investment will be used as part of a continued global expansion and R&D efforts focused on the company's in-car, location based services (LBS) and mobile applications businesses.
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. 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.
The investment by KPCB Green Growth Fund and August Capital show the growth of the LBS data market, and resulting APIs that gather and deliver this data to mobile applications.
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, commented Michael Linse, partner at Kleiner, Perkins, Caufield & Byers. 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.
We are experiencing a convergence of automotive and mobile efforts that leverage the latest smart devices, data analytics and connectivity technologies that improve how the world's one billion drivers travel from place to place.
The use of crowd-sourced traffic information from mobile devices, vehicles, and sensors on the road can provide continuous real-time speed, congestion, accident data that can provide a unique understanding of traffic events from school schedules, concerts, sporting events and everyday commutes to deliver highly accurate real-time, predictive and historical traffic information.
APIs are the "vehicle" in which data will travel from cars, phones, and sensors and to companies like INRIX, and investors are started to see the huge potential in this massively growing market.
comments powered by Disqus
Winning in the API Economy
|Download as PDF|
Latest Blog Posts
- WordPress Style API Modules For Government
- The Heroku HTTP API Design Guide
- What I Have Been Calling API Trends, Are Slowly Being Baked Into API Operations
- FDA Finding Their API Mojo With A New Drug Label API
- Adding PokitDok To Healthcare Research And The API Stack (Well They Did)
- Why I Am Continuing To Integrate Zapier In My Business Workflow
- Who Is Going To Build The Uber API Platform For The Sharing Economy?
- The API Focused Dev Shop
- Route SMS Messages To Google Spreadsheets Via Twilio API With TwilioSheet
- Publishing Your APIs To Product Hunt
- Providing Users With Reciprocity Tools So Important Intuit Purchases itDuzzit
- Bing Developer Assistant for Visual Studio Delivers Relevant API Code
- Average Number of APIs Used In A Modern App
- An APIs.json Collection Of API Resources Across Your Public, Partner Or Internal Resources
- One Possible Reboot Of The API Stack
- How Are Dev Shops In Chicago Using APIs? A Talk With Bryson Pouw At Blaze Portfolio
- Every API Provider Should Have A Logo And Branding Page
- What Is An API First Strategy? IT architecture And Catalyst For Engagement
- The Speed Of Federal Government When It Runs On Github
- Swagger, APIs.json, And Review For The New Developer.Trade.gov
- Student, Instructor, Classroom, Class, And Course API Planning At BYU
- Can You Add My API To Your Website Listing?
- Adding Google To List Of API Deployment Companies
- What Is An API First Strategy? Adding Some Dimensions To This New Question
- The Five Month Journey Toward A Stable APIs.json Discovery Format