Shalom Life | July 31, 2014

Israeli Startup Receives $30 Million Investment

China’s Richest Man Invests in Navigation Technology Firm Waze

By: Leonard Carl

Published: October 25th, 2011 in Business » World

Israeli Startup Receives $30 Million Investment
China’s richest man, Li Ka Shing, recently joined other shareholders that include Microsoft and Qualcomm, by making a $30 million investment in an Israeli startup company.

According to Globes, an Israeli business daily, the Chinese billionaire has invested in the navigation technology firm Waze, which will use the capital to support the more than 7 million drivers who use the application, while starting a traffic-reporting platform in China.

Waze, which uses the phrase “outsmarting traffic, together” in its marketing materials, provides drivers in 45 countries with shorter alternate ways to get to their desired destinations.

Developed by the Israeli start-up Waze Mobile for mobile phones, Waze currently supports iOS, Android, Windows Mobile, Symbian, and BlackBerry. Waze differs from traditional GPS navigation software as it is a community-driven application and learns from users' driving times to provide routing and real-time traffic updates. It is also free to download and use, as it gathers map data and other information from users who use the service. Additionally, people can report accidents, traffic jams, speed traps, police and can update roads, landmarks, house numbers, etc.

Waze also has its own social network where drivers report to each other .

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