Series D Funding Fetches $37 Million for Traffic Data Provider Inrix

Traffic information and connected driving services provider Inrix has raised $37 million in a series D round of funding.

The latest round of funding was led by Kleiner, Perkins, Caufield & Byers' (KPCB) Green Growth Fund and August Capital.

According to the company, the money raised from the funding will be used to fuel acquisitions, expansion in global markets and undertake research and development projects to expand its line-up of in-car services.

The company’s products are used by 100 million people in 22 countries, with the company adding 40 new industry partners in the last year alone. Inrix counts Audi, Ford I-95 Coalition, MapQuest and Microsoft among its industry partners.

"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." he added.