Connected vehicle and traffic intelligence company INRIX has secured a $70 million financing round from funds managed by Morgan Stanley Investment Management. The funding will be used to grow the company and refinance debt, INRIX said.
The Kirkland, Wash.-based company, founded in 2004 and led by CEO Bryan Mistele, evolved from a spinoff of Microsoft MSFT -1.08%↓ that sold traffic data. Currently, the company offers software-as-a-service products.
Recently, the company partnered with General Motors GM -0.79%↓ on its Future Roads safety initiative. The first product was a cloud-based data insights tool that the auto giant co-developed with INRIX. The product provides car data insights, including INRIX’s mobility data.
The company also is working with such government entities as the city of Redmond, Wash., to help it assess future spending on traffic safety. The project with Redmond is also part of GM Future Roads.
Contact: Mark Burfeind, INRIX, (425) 284-3825, mark.burfeind@inrix.com, www.inrix.com.
