11 Dec TrafficCast secures $1 million line of credit
Madison, Wis. – A Madison-based developer of predictive traffic information is planning to develop and market its technology with the help of a $1 million line of credit from SVB Silicon Valley Bank, a division of SVB Financial Group of Santa Clara, Calif.
TrafficCast International will secure the credit to support deployment of its cellular probe technology in Shanghai, China, and development of its travel information products and services in the United States.
“Even with our growing revenues and improving cash position, we felt it prudent for both clients and investors to obtain a credit facility to help support our growth initiatives,” Connie Li, co-founder and CEO of TrafficCast International, said in a release.
SVB Silicon Valley Bank provides financial services to companies in the technology, life sciences, private equity, and premium wine industries. Bob Blee, senior relationship manager at SVB, said the bank has supported emerging and established companies since opening in Chicago in 1998.
• TrafficCast integrates new information source
• Madison-based TrafficCast strikes deals with City of Shanghai
• Madison-based TrafficCast makes national inroads as data provider
• Traffic data firm navigates international business