Blyncsy is moving full speed ahead, announcing today the close of a $2.5 million seed round led by Peterson Ventures and Pelion Venture, both of Salt Lake City with participation from Subtraction Capital and others.
“Eighteen months ago I came up with the idea while sitting at a traffic light, today we’re changing the world,” said Mark Pittman, CEO of Blyncsy, who founded the company while pursuing an MBA and JD degree and participating in the Lassonde Entrepreneur Institute at the U.
Blyncsy is a big-data company, selling anonymized data on the habits and trends of the traffic-grid by using sensors to capture signals from mobile devices. The sensors can be used to track the movement of cars through a city or skiers on a mountain – wherever people are moving with a device in their pocket. Blyncsy provides customers with data visualizations services to help make sense of the information.
Pittman developed the idea for the company while frustrated as he sat waiting at a red light, despite being the only car in the intersection. Pittman decided to call the city, began working with local traffic engineers and soon determined that if we knew where the cars were in the city, we could dramatically improve flow of traffic. Pittman knew he was onto something: people could get home to their families faster; spend more time enjoying their lives, rather than waiting in cars; and travel more safely as commute times were significantly improved.
And just like that, Blyncsy was born.
In 2014 Americans spent 6.9 billion hours waiting in traffic, according to a study released in August by Texas A&M’s Transportation Institute. Blyncsy has begun playing its part to help reduce that mindboggling number. Blyncsy sensors were first deployed in Park City in 2015 and, in the coming months, will make their debut throughout Utah, aiding cities in understanding how many people are visiting these municipalities, where they’re coming from and where they may be heading.
Blyncsy has many more applications than just improving our understanding of traffic. Its data can help local communities in understanding tourist and consumer trends, while also highlighting areas for potential economic development; Blyncsy is deployed at the 2016 Sundance Film Festival.
“Blyncsy is not only providing government insight for better planning but is giving businesses the tools they need to succeed” Pittman said. “The insights this data can provide our customers have been bigger than we ever imagined.”
Investors see the value in Blyncsy, too. Beyond the recent seed round, deployments in many more local cities and a neighboring state are set to go live later this year.
Learn more at blyncsy.com.