Intel Capital Makes Investment in INRIX
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.