Intel has invested $10m in traffic-data firm INRIX, in a pact that will see both firms look to make a grab at the Internet of Things (IoT) and big data markets.
Announced at the Intel Capital Global Summit, the funding will be used to develop the latest applications and analytics platforms for smart cities.
It comes after both companies demonstrated a smart cities application at the White House in Washington, designed to measure air quality, traffic and population growth.
Bryan Mistele, president and CEO of INRIX, said: "Real-time data and analytics are as foundational to our future transportation networks as concrete and steel are today.
"Managing the massive population growth in our cities is one of the most important development challenges of the 21st century. We look forward to collaborating with Intel to enable a whole new generation of smart cities applications globally."
INRIX, launched nine years ago, receives real-time traffic data from its users as they drive, which it then analyses and makes available to users.
The company, which counts Ford Motor Company, MapQuest, Microsoft and Toyota among its industry partners, also sells information services and analytics tools to some 60 transportation agencies to help drive costs out of daily operations and pinpoint areas that could benefit from road and transit improvements.
As part of the deal, Intel has licensed INRIX data analytics services to power Intel’s location-based services platform, while INRIX is making available its APIS to Intel’s ecosystem of partners and developers via its Mashery API management service.
The funding also comes after the Porsche’s holding company bought a 10% stake in INRIX for $55m.
Hank Skorny, VP and General Manager of Intel’s Services Division, says INRIX holds a "unique opportunity" to deliver value across the IoT.
He said: "By integrating with our API services, we are able to offer our customers the unparalleled LBS, big data and analytics capabilities of the INRIX platform. Through these APIs, developers will have the ability to power apps with real-time, global location data and services for smart cities."
