TrafficCast International Inc., a Madison, Wis.-based provider of digital traffic data and software, has raised $1.5 million in additional Series A funding, to close the round at $3.5 million. Ceres Venture Fund led the extension, and was joined by previously-announced backers NEW Capital Fund, Phenomenelle Angels Fund and Women Angels.
TrafficCast International, Inc., the leading provider of digital traffic data and software for next-generation traffic information services, announced today that it closed its Series A Round of funding after raising approximately $3.5 Million in equity.
The company had previously announced raising $2 million in capital but the Board of Directors extended the round to accommodate additional investor interest and to facilitate growth in a rapidly expanding market for mobile and interactive travel information.
Chicago-based Ceres Venture Fund, LP, led the extension. They were joined by NEW Capital Fund LP of Appleton, Phenomenelle Angels Fund I, LP of Madison, and Women Angels, of Milwaukee and Florida.
As previously announced, the funds are primarily earmarked for marketing expansion and ongoing technology development. 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.
Personal navigation devices continued to be among the hottest consumer technologies in the recent holiday season. Along with the rapid growth of mobile devices enabled by GPS location tracking functions, the company believes the stage is set for rapid growth. It anticipates attracting additional institutional funding in a Series B round later this year.
With the close of Series A Round Funding, the company has also announced that Sona Wang, Managing Director of the Ceres Venture Fund, will join the TrafficCast Board of Directors. She becomes the Board's third independent board member, joining Paul Schneider, Director of Schneider National