Chinese billionaire invests $30 million in Israeli startup

Screenshot from Waze promo video

An Israeli startup company has received a $30 million investment from China’s richest man.

Billionaire Li Ka Shing has invested in the navigation technology firm Waze, which will put the money into supporting its application’s more than 7 million drivers and launch a traffic-reporting platform in China, the Israeli business daily Gloves reported.

The Waze free mobile application helps drivers find the shortest route to their destination and provides data on traffic conditions provided by its users. The company also has a social network allowing drivers to report directly to each other on road conditions. Its users live in 45 countries.

Other shareholders include Microsoft and Qualcomm.

Video courtesy of WazeGPS1.