Streetline Closes $25M Financing To Enable Internet of Things for Smart Cities
True Ventures, Citi, and Qualcomm Among New Investors Backing Global Leader in
Sensor-Enabled Smart Parking Solutions
FOSTER CITY, Calif., Jan. 10, 2013
FOSTER CITY, Calif., Jan. 10, 2013 /PRNewswire/ -- Streetline, Inc. today
announced that it has closed $25 million in Series C financing led by True
Ventures, and new investors Citi andQualcomm Incorporated, acting through its
venture investment group, Qualcomm Ventures. 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 innovative 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
The Internet of Things: a $15 Trillion Market
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,
easily 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
"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™, the leading 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."
About Streetline, Inc.
Streetline's mission is to make smart cities a reality through the use of
sensor-enabled mobile and web applications. Streetline's pioneering technology
makes the parking experience for consumers easier, while making cities and
university campuses more efficient.
Streetline is a privately held company headquartered in Foster City, CA with
smart parking deployments in Germany, the U.K., and across the United States
including California, Delaware, Florida, Indiana, Maryland, Michigan, Nevada,
New Jersey, New York, Oregon, South Carolina, Virginia, and Washington, DC.
The company was named one of Fast Company's 10 Most Innovative Companies in
Transportation, as well as IBM Global Entrepreneur of the Year. In October
2012, Streetline was named a finalist for the prestigious 2012 World
For more information on the company visit: http://www.streetline.com.
To download the free consumer guidance app Parker by Streetline please visit:
SOURCE Streetline, Inc.
Contact: Kelly Schwager, Streetline, Inc., +1-650-242-3419,
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