Porsche’s parent company, Porsche Automobil Holding SE, has invested $55 million in INRIX – a leading provider of traffic information and driver services.
Porsche Automobil Holding SE (Porsche S.E.), the holding company with a controlling interest in the Volkswagen Group, has invested around $55 million for approximately a 10% ownership stake in INRIX, through purchasing both primary and secondary shares.
“We’re pleased to have an investor like Porsche SE who shares our vision for transforming INRIX from a traffic data company to a connected car and smart cities leader worldwide,” said Bryan Mistele, president and chief executive officer, INRIX.
INRIX provides real-time traffic information for 6.4 million kilometres (four million miles) of roads across 40 countries continuously adding more roads and countries to its coverage.
Philipp von Hagen, member of Porsche SE’s executive board responsible for investment management, added: “Connectivity between cars and infrastructure is one of the mega trends in the automotive industry. The need for traffic-related information and data-driven solutions is therefore growing fast. We see tremendous potential in this segment of the automotive value chain.”
INRIX is at the forefront of connecting cars to smarter cities. INRIX real-time traffic and driver services are on the road today from automakers like Audi, BMW, Ford, Mercedes, Volkswagen and Toyota. These services help drivers do everything from navigating through the day’s traffic to finding 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, pinpoint investments in roads and transit as well as deliver better traveller information services.
In connection with the investment, Mr von Hagen also will join the INRIX board of directors.
