Madison,
WI, June 18, 2007 -
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 Dynaflow™: 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.¡±
About
TrafficCast International, Inc.
TrafficCast International is the
leading provider of digital
traffic data, with patented
software and predictive models
to produce route-specific
real-time traffic information
and travel time forecasts for
traditional and emerging traffic
information markets.
Privately-held, TrafficCast
International is a subsidiary of
TrafficCast Inc, and is backed
by angel and venture capital
investors. Growing revenues
derive from distribution
channels ranging from portals to
fleet logistics to media and the
public sector.
The company is based in
Madison, Wisconsin and has a
branch office in Shanghai,
China. For more information, see
www.trafficcast.com.
###
ã2007 TrafficCast International, Inc. All rights reserved.
Contacts:
TrafficCast International
Nick Kiernan
n.kiernan@trafficcast.com
608-268-3927
This
press release may
include
"forward-looking
statements"
within the meaning of
the safe harbor
provisions of the
United States Private
Securities Litigation
Reform Act of 1995.
Forward-looking
statements in this
press release include
expectations about
product development
and services
provision. Actual
results may differ
materially from those
contained in the
forward-looking
statements in this
press release.
TrafficCast
International
undertakes no
obligation and does
not intend to update
such forward-looking
statements to reflect
events or
circumstances
occurring after this
press release. Undue
reliance should not be
placed on these
forward-looking
statements, which
speak only as of the
date of this press
release. All
forward-looking
statements are
qualified in their
entirety by this
cautionary statement.
TrafficCast
International and the
TrafficCast logo are
registered trademarks
of TrafficCast
International, Inc.
All other names or
marks are the property
of their respective
owners.
