ORIX Ventures announced today the closing of a large term loan with INRIX, Inc., a leading global provider of transportation information, analytics and driver services for the connected car and smart cities. The debt refinancing gives INRIX additional flexibility to continue scaling its platform, which already powers more than 150 million drivers across 4 million miles of road in 40 countries.
“Working with INRIX appealed to us on a number of levels given its experienced team, strong core business and growth opportunity,” said Managing Director and Co-Head of ORIX Ventures Jeff Bede. “We see the value of their data and analytics platform, and we’re excited to support INRIX’s geographic and product expansion.”
Based in Kirkland, Washington, INRIX is at the forefront of connecting cars to smarter cities. The company’s data-driven insight helps drivers navigate through the day’s traffic, find the closest and least expensive gas station, locate the nearest available parking and electric vehicle charging stations, and more. Real-time traffic information and driver services are currently used by a variety of automakers including Audi, BMW, Ford, Mercedes, Volkswagen and Toyota. In the public sector, more than 60 transportation agencies worldwide use INRIX traffic information and analytics tools to help streamline daily operations, pinpoint investments in roads and transit, and deliver better traveler information services.
“The debt refinancing with ORIX gives us flexibility to continue investing in growth,” said INRIX Chief Financial Officer Saul Gates. “We appreciate ORIX’s responsiveness, and their significant institutional scale is a good fit for us.”