The company makes an innovative, free smartphone app that taps collective driving behavior to create turn-by-turn driving instructions and even real-time traffic alerts, all powered by information gathered from its roving users. Venture capitalists sure are buying it.
Tel Aviv-based Waze has developed a mobile application that gives users a free way to get turn-by-turn navigation. Keeping information on roadways up-to-date can be a cumbersome task, but Waze has come up with an innovative way: It relies on its users to feed it with data, from road conditions to traffic reports. The result: Waze has quickly risen from being a small startup to a company with operations in 85 countries.