-- Intel Capital Makes Investment in INRIX
HUNTINGTON BEACH, California, Nov. 4, 2014 /PRNewswire/ -- Intel Capital Global Summit -- INRIX®, Inc., a leading global provider of transportation information, analytics and driver services for the connected car and smart cities worldwide, announced a strategic collaboration with Intel Corporation focused on developing next generation smart cities analytics platforms and applications. As part of their collaboration, Intel's global investment organization, Intel Capital, is investing $10 million in INRIX.
"Real-time data and analytics are as foundational to our future transportation networks as concrete and steel are today," said Bryan Mistele, president and CEO of INRIX. "Managing the massive population growth in our cities is one of the most important development challenges of the 21st century. We look forward to collaborating with Intel to enable a whole new generation of smart cities applications globally."
Recently, Intel Corporation and INRIX demonstrated a smart cities application at the White House in Washington, D.C. Powered by INRIX real-time traffic information, the application is designed to help the city of San Jose more cost-effectively monitor air quality levels citywide, better manage massive population growth as well as reduce traffic congestion during major events. Intel and INRIX see an enormous growth opportunity ahead with cities around the world expected to spend an estimated $41 trillion in the next 20 years upgrading their infrastructures towards the collaborative smart cities initiative.
"Technology is changing the way individuals and businesses give life to ideas," said Hank Skorny, Vice President and General Manager - Intel Services Division. "Big Data and the Internet of Things are impacting numerous industries, including transportation, retail and consumable goods. INRIX sits at the intersection and holds a unique opportunity to deliver value across the entire ecosystem."
In addition to working together on projects like San Jose, Intel has licensed INRIX data and analytics services to power Intel's next generation Enterprise LBS (location-based services) platform. In turn, INRIX is licensing and making available its APIs to Intel's ecosystem of partners and developers via its Mashery API management service.
Skorny added, "By integrating with our API services, we are able to offer our customers the unparalleled LBS, big data and analytics capabilities of the INRIX platform. Through these APIs, developers will have the ability to power apps with real-time, global location data and services for smart cities."
INRIX is at the forefront of connecting cars to smarter cities. INRIX's real-time traffic information and driver services are on the road today from a variety of automakers including Audi, BMW, Ford, Mercedes, Volkswagen and Toyota. These services help drivers do everything from navigate through the day's traffic to find the closest, least expensive fuel or available parking and EV charging locations. In the public sector, more than 60 transportation agencies worldwide use INRIX traffic information and analytics tools to help streamline daily operations, to pinpoint investments in roads and transit, and to deliver better traveler information services.
The Intel Capital investment was led by Director Venu Pemmaraju.
INRIX is one of the fastest growing big data technology companies in the world. The company leverages big data analytics to reduce the individual, economic and environmental toll of traffic congestion. Through cutting-edge data intelligence and predictive traffic technologies, INRIX helps leading automakers, fleets, governments and news organizations make it easier for drivers to navigate their world. Our vision is simple – to solve traffic, empower drivers, inform planning and enhance commerce.
Whether through an in-car or smartphone navigation application, a local newscast or our INRIX Traffic app, our up-to-the-minute traffic information and other driver services reach more than 150 million drivers to help them save time, fuel and frustration. INRIX delivers traffic and driving-related insight, as well as sophisticated analytical tools and services across six industries covering more than 4 million miles of road in 40 countries. For more information visit us at www.INRIX.com or follow @INRIX.
Intel (NASDAQ:INTC) is a world leader in computing innovation. The company designs and builds the essential technologies that serve as the foundation for the world's computing devices. As a leader in corporate responsibility and sustainability, Intel also manufactures the world's first commercially available "conflict-free" microprocessors. Additional information about Intel is available at newsroom.intel.com and blogs.intel.com.
About Intel Capital
Intel Capital, Intel's global investment organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, mobility, consumer Internet, digital media and semiconductor manufacturing. Since 1991, Intel Capital has invested more than US$11 billion in over 1,400 companies in 57 countries. In that timeframe, 209 portfolio companies have gone public on various exchanges around the world, and 363 were acquired or participated in a merger. In 2013, Intel Capital invested US$333 million in 146 investments with approximately 49 percent of funds invested outside North America. For more information on Intel Capital and its differentiated advantages, visit www.intelcapital.com or follow @Intelcapital.