Streetline, a smart parking company headquartered in Foster City, Calif., said Tuesday that it has raised $10 million in funding. The firm’s backers include Citi, Fontinalis Partners, RockPort Capital Partners, Sutter Hill Ventures, True Ventures and Qualcomm Ventures. In conjunction with the funding, Streetline has appointed Abe Yokell to its board of directors.
FOSTER CITY, Calif., July 1, 2014 /PRNewswire/ — Streetline, Inc. today announced that it has closed $10 million in financing to further extend its lead in the rapidly growing smart parking market. With more than 250 million parking events managed to date, Streetline continues to grow its footprint in the U.S., Canada, and Europe, and intends to use the funds to build on this momentum and further deepen its product offerings, particularly for private parking operators, merchants, and consumers.
“We’re seeing a marked shift where customers are demanding integrated smart parking solutions that bring together all of the various pieces of the puzzle – from sensing to inference to analytics to applications for specific stakeholders,” said Zia Yusuf, president and CEO of Streetline. “With this latest funding infusion, our aim is to further strengthen our integrated platform, and expand the solutions for both parking providers, as well as merchants and consumers. The objective is to provide a turn-key, cost-effective offering that doesn’t require the heavy capital investment and custom integration some vendors are requiring of customers today.”
Streetline also announced today the appointment of Abe Yokell to the company’s Board of Directors. Yokell is a partner with RockPort Capital Partners. Streetline Board members now include: Jim White, Sutter Hill Ventures; Ralph Booth, Fontinalis Partners, Abe Yokell RockPort Capital and Zia Yusuf, Streetline, Inc. Board observers include Puneet Agarwal, True Ventures, and Quinn Li, Qualcomm Ventures.
“Smart parking is one of the early IoT use cases gaining traction and Streetline has established a first mover advantage.” Said Yokell. “As the company looks toward further accelerating the adoption of smart parking technology, I look forward to working closely with the leadership team as a member of the Board.”
Internet of Things: a $15 Trillion Opportunity
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, or the “Internet of Things” (IoT), which has the potential to become a $15 trillion industry. The full report can be found here.
Parking is a $25 billion industry in the United States alone, and the opportunity to tap IoT to rethink the whole parking experience has accelerated dramatically. As the global focus on the IoT and smart parking, in particular, gains traction, the industry is shifting from point solutions to an integrated platform that brings together all aspects of the parking ecosystem.
As the pioneer in the smart parking market, Streetline continues to lead the industry in the use of technology to reinvent the parking experience. Some key milestones announced over the last six months include:
VIDEO DETECTION: Streetline announced a collaboration with Cisco, as part of the networking giant’s Smart+Connected Communities program, to introduce the first camera-based smart parking and integrated network solution
REAL-TIME PARKING DATA API: Real-Time Information Directly From Parking Spots: Introducing ParkerData™ Availability API
CLOUD-BASED ANALYTICS: Streetline Unveils Next Generation Cloud-Based Parking Data and Analytics Platform, ParkSightTM 2.0
CAMPUS SOLUTIONS: Streetline Collaborates with Case Parking to Transform Parking on the University Campus
CONSUMER GUIDANCE: ParkeTM by Streetline for iOS 4.3.1: Another Reason to #ParkHappy
“Streetline is harnessing the power of the ‘Internet of Things’ to tackle one of the great unsolved urban problems: parking,” said Manny Krakaris, chief financial officer of Streetline. “With more deployments than any other provider in this space, we’ve moved beyond smart parking as a concept to smart parking as a reality. This additional investment is further validation of Streetline’s achievements to date and represents an endorsement of our future growth potential and market opportunity.”
Streetline investors include Citi, Fontinalis Partners, RockPort Capital Partners, Sutter Hill Ventures, True Ventures, and Qualcomm Incorporated, acting through its venture investment group, Qualcomm Ventures.
About Streetline, Inc.
Streetline is a leading smart parking company delivering smart data and advanced analytics to solve parking issues for customers worldwide. Streetline’s pioneering technology makes the parking experience for consumers easier, while making cities and university campuses more efficient. Through sound level and road surface temperature sensing capabilities, Streetline helps cities and universities to further enhance their ‘smart city’ or ‘smart campus’ initiatives. Our vision is simple-to solve parking and make smart cities a reality.
Streetline is a privately-held company headquartered in Foster City, CA with smart parking deployments in Germany, France, the U.K., and across the United States including California, Delaware, Florida, Indiana, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, Ohio, Oregon, South Carolina, Virginia, Washington, 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. Streetline was named Best Mobile Innovation for ‘Smart Cities’ for Parker at the 2013 Mobile World Congress, a Gartner 2013 Cool Company and was recognized with the 2013 Frost & Sullivan North American Competitive Strategy Leadership Award.
For more information on Streetline visit: http://www.streetline.com.