Contacts:
Tony Hozeny, Department of Commerce, 608-267-9661
Ethnie Groves, Office of the Governor, 608-261-2156
Expansion Will Create Up To 50 Jobs
Governor Jim Doyle today announced that TrafficCast, Inc., of Madison will receive a $100,000 Minority Business Development (MBD) Loan and a $100,000 Technology Venture Fund (TVF) Loan from the Department of Commerce to expand its facility, creating up to 50 jobs.
“My ‘Grow Wisconsin’ initiative calls for investing in high-technology businesses that create good paying jobs for our citizens,” Governor Doyle said. “I am pleased that TrafficCast will be establishing a National Operations Center here in Madison.”
“We are delighted that Governor Doyle and the Wisconsin Department of Commerce recognize our potential,” said Dr. Connie Li, COO of TrafficCast. “Traffic congestion is a nation-wide problem and TrafficCast’s ability to predict and analyze traffic offers businesses and individuals help in how they manage this problem. We are delighted to build out our innovative technology platform and expand our team here in Madison.”
TrafficCast, Inc. has developed and patented a web-based software platform to produce inter-city, route-specific traffic and travel time forecasts for emerging markets that deliver personalized traffic information via Internet and wireless devices. A methodology for collecting traffic flow data nationally, unique to an industry reliant on static data from public agencies, positions the Company to be the traffic data supplier of choice. TrafficCast, Inc. will use the funds to expand its current facility with a 3,800 square foot addition. The total project cost is $1 million.
The TVF program provides low-interest loans to Wisconsin high-tech companies with fewer than 100 employees that are seeking angel or other seed capital investment, to facilitate the capital search.
The Minority Business Development (MBD) loan program is designed to provide financial assistance for the start-up and expansion of minority-owned businesses in Wisconsin. This program provides low interest loans to assist in the development of minority-owned companies.
For more information about the TVF or MBD programs, contact John Stricker, Department of Commerce, at 608-261-7710.
