Venture capital fund Matrix today said it has invested an undisclosed amount in the city-based real- time traffic and travel information company Birds Eye Systems.
Birds Eye System, founded in 2009, operates under the Traffline brand across various media like mobile and the Internet. It will be using the funds to expand its reach to 10 cities from the current three -- Mumbai, Delhi and Bangalore. "We are investing to expand the product to 10 cities in the country and multiple transport modes in a short time," Matrix Director Vikram Vaidyanathan said. "Getting access to accurate and real-time traffic, travel and local information is a large problem for millions of commuters in major cities. We want to address this problem..." the website's founders Brijraj Vaghani and Ravi Khemani said.
Birds Eye Systems is already backed by the Indian Angel Network, which reportedly invested Rs 2 crore in the company in April 2012.