Trafficcast

TrafficCast International, Inc., the leading provider of digital traffic data and software for next-generation traffic information services, today announced that it has closed its Series A Round of funding, after raising approximately $2 Million in equity.

The investment was led by two Wisconsin-based investment funds, Phenomenelle Angels Fund I, LP of Madison and NEW Capital Fund LP of Appleton.  They were joined by the investment group, Women Angels, of Milwaukee and Florida, and by a syndicate of individual investors. SCIO Corp advised the company in its fund-raising activities.

Further supporting the round, certain debt obligations were converted to equity, including those held by Weather Central Inc., the leading supplier of weather data and production tools to media. TrafficCast International had previously secured a $1 Million line of credit from SVB Silicon Valley Bank.  The company has additional debt facilities in place with the State of Wisconsin Department of Commerce.

The funds are primarily earmarked for technology development and for sales and marketing expansion.  The close of the Series A Round coincides with the release of the company’s signature product DynaflowTM: real time speed estimates based on dynamic impact modeling of weather, incidents, construction and events on historic patterns. The company believes these factors set the stage for rapid growth, and anticipates attracting additional institutional funding in a Series B round later this year.

“The market for traffic information is evolving rapidly and TrafficCast International has exceptionally valuable IP and patents in place to take advantage of the emerging opportunities,” said Joe Hildebrandt, Managing Director of Phenomenelle Angels Fund I, LP.  “The company’s growing revenue trends and market leading research in vehicle probe technology position it well, both for the market and our Fund’s investment portfolio.”

“TrafficCast International is well positioned across key distribution channels with a roster of market-leading clients like Yahoo, Google, and the Department of Defense,” noted Charlie Goff, General Partner of NEW Capital Fund LP.  “Our objective is to provide investment in Wisconsin-based companies with distinct competitive advantages in large and growing markets.  We’re pleased that TrafficCast supports that goal.”

“With the close of this Series A Round and our lines of credit, TrafficCast International has a strong foundation to expand our technology and services to provide predictive information to travelers,” said Connie Li, co-founder and CEO.  “We are pleased to have found investors who share our vision, and we are confident that their expertise will add considerable value to our team.”