Streetline Concludes Financing to Offer Internet of Things for Smart Cities
Jan 16, 2013 (Close-Up Media via COMTEX) --
Streetline, Inc. announced that it has closed $25 million in Series C financing led by True Ventures, and new investors Citi andQualcomm Inc., acting through its venture investment group, Qualcomm Ventures.
According to a release, pro-rata follow-on investments were made by Sutter Hill Ventures, RockPort Capital Partners, and Fontinalis Partners to complete the round. The Series C financing augments the $25 million credit facility Streetline recently secured from Citi that enables the company to offer financing options for municipalities deploying smart parking solutions.
Over the last twelve months, Streetline has expanded its real-time smart parking solutions to more than 30 cities and universities, including its first two European deployments in Braunschweig, Germany and Birmingham, U.K. Streetline intends to use the additional funding to build on this momentum and further extend its footprint globally.
"Streetline is harnessing the power of the 'Internet of Things' to tackle one of the great unsolved urban problems: parking," said Zia Yusuf, president and CEO of Streetline. "With more than 30 deployments in both the U.S. and Europe, we've moved beyond smart parking as a concept to smart parking as a reality. This investment is a validation of Streetline's achievements to date and represents a considerable endorsement of our future growth potential globally. We are delighted to welcome our new investors True Ventures, Citi, and Qualcomm and the continued support of Sutter Hill, RockPort Capital and Fontinalis."
While people often think the Internet's impact is primarily centered on entertainment and social networks, GE chief economist Marco Annunziata argues that the next decade will focus on the industrial aspects of the Internet, which has the potential to become a $15 trillion industry.
The concept called the "Internet of Things" is based on networks of wireless, deployed sensors that transmit data back and forth to enable new insights and suggestive actions. Streetline recently announced a collaboration with Cisco, as part of the networking giant's Smart+Connected Communities program, to bring smart parking to two Silicon Valley cities (San Mateo, Calif.; San Carlos, Calif.)and reduce the time and frustration of finding an open parking spot.
"If our cities can 'talk'...for example, a parking space or fire hydrant or street light can transmit data to us in real time...we can dramatically improve the way our cities function and change the way we all live and work," noted Yusuf.
"There are so many 'things' within our cities that have the potential of providing extremely valuable data including parking spots," said Puneet Agarwal, general partner, True Ventures. "The "Internet of Things" is on the cusp of tremendous growth, and we believe Streetline has cracked the code on making smart parking technology both reliable and cost-effective to deploy. We have invested in several innovative companies within this space, including Fitbit and 3D Robotics, and we're pleased to further expand our commitment to the Internet of Things by welcoming Streetline to the True portfolio."
Streetline's patented smart parking platform detects the presence of a car through a network of ultra-low power wireless sensors located in individual parking spaces. Data from these sensors, or from counting equipment installed in parking garages and lots, is then made available in real time via various cloud-based applications, such as Parker, a consumer guidance app for smartphones, tablets, personal computers and soon in-car navigation systems, as well as other applications geared toward city planners and parking facility operators.In addition to real-time data, Streetline also integrates garage data for over 23,000 locations into the only unified and complete parking data package for consumers through Parker.
"Parking is a $25 billion industry in the United States alone, and the opportunity to rethink the whole parking experience is poised to accelerate dramatically in 2013 and beyond," said Quinn Li, vice president of Qualcomm Ventures. "Qualcomm's investment in Streetline is based on the overall market opportunity, the company's solid and diversified business model, and its smart strategy for growth. We look for companies that can be the leader in their market, and we see that in Streetline."
"City leaders must harness the possibilities of technology and new financial thinking to address critical efficiency reform, modernize urban infrastructure, and provide socially inclusive access to public services," said Ward Marsh, Managing Director, Municipal Securities Division, Citi. "With its global footprint, Citi has a unique perspective on the complexities of the urban environment and the financial challenges facing mayors and municipal CFOs. This investment fits with our 'Citi for Cities' vision. In collaboration with Streetline, we intend to work with cities to help them optimize the parking experience for citizens and the business community while improving their operations."
Streetline's mission is to make smart cities a reality through the use of sensor-enabled mobile and web applications.
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