Inrix, a Kirkland, Wash.-based transportation software and data provider, raised $70 million in a credit facility from investment funds managed by Morgan Stanley Expansion Capital and Morgan Stanley Tactical Value.
- Founded in 2004 as a spinout of Microsoft, Inrix got its start selling traffic and transportation-related data but has shifted in recent years to offer software-as-a-service products that feature more analytics. Clients range from businesses looking for location and traffic data, to various public sector agencies.
- The funding will help Inrix fuel strategic growth and refinance debt, the company said in a press release.
- Inrix, led by co-founder and CEO Bryan Mistele, raised $10 million last year, in addition to a $25 million debt financing in 2019 and a $55 million equity round in 2014 from the Porsche family. It was prepping for an IPO last year but backed out of those plans. The company employs about 350 people.
