IAN Invests 2 Crores in Real-time Traffic Tracker Birds Eye Systems
Indian Angel Network, India's leading group of angel investors, has made an angel investment of 2 crores in Birds Eye Systems, a Mumbai-based intelligent traffic monitoring solutions venture. The company, promoted by Brijraj Vaghani and Ravi Khemani, with work experience in the US wireless and internet industry, had earlier received seed stage funding from the Centre for Innovation, Incubation and Entrepreneurship (CIIE).The IAN investment will go towards expanding the Company’s footprint around the country, enhancing scope of services and further development of the product and augmenting key management. Currently, Birds Eye Systems’ services are offered in Mumbai, Delhi and Bangalore.
Traffline, the company’s flagship product, is a real-time traffic monitoring system that broadcasts live traffic conditions to road commuters using its patented technology. It also provides software and mobile applications, for transport related applications.
Birds Eye Systems launched its product early this year and is already visited by nearly 1,000 visitors a day. The company’s taxi booking service, launched in September 2011, has built a 15,000 user base and is now geared to add more cities and taxi service providers. The company plans to integrate additional external sources with its Traffline platform to offer wider coverage. Birds Eye Systems will shortly start offering customized solutions to map providers that can be used to add value to their products.
IAN investor Members, Rajiv Dadlani and Nitin Agarwal, have joined the Birds Eye Systems Board.
Brijraj Vaghani, Co-founder of Birds Eye Systems said, “We approached IAN for investment as it brings a refreshing approach to early-stage investing with a quick response time. IAN members’ vast experience, strategic value-adds and their extensive network has begun to benefit Birds Eye Systems. This strategic and professional investment into Birds Eye, will increase the brand, credibility and value of our company.”
IAN Member Rajiv Dadlani says, “Birds Eye System’s real-time traffic tracking and monitoring solution solves one of the biggest pains that commuters face in the country - traffic. We were impressed by the Birds Eye Systems team’s technology competency, their continuous focus on execution, and a flexible mindset with a clear objective disposition - all essential ingredients for success.”
Co-founder Ravi Khemani says, “Birds Eye Systems’ highly scalable product is built on a platform that continuously analyses live vehicle movement and displays results on Traffline.com. The results are made available in an easy to read text format on m.traffline.com This allows us to provide live traffic updates to consumers helping save time and fuel. Our differentiated taxi booking application runs on all mobile phones.”
“Indian Angel Network saw in Brijraj and Ravi a passionate team with strong commitment and high-energy. Birds Eye Systems is working on a well-thought-through business strategy which has been commercialized and is now being scaled up via internet, mobile, mVAS etc.,” says IAN member Nitin Agarwal.
Interestingly, as per PCRA (Petroleum Conservation Research Association) studies, metros like Delhi alone lose nearly Rs. 1,000 crores annually, due to vehicle idling. Studies suggest that better traffic management helps reduce fuel consumption in major metros by 15%. Birds Eye Systems is a clear example of technology being leveraged for improving the environment!