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.