Parking In Motion, Inc., a Santa Monica, California-based provider of a real-time parking database, closed its Series A financing round.
The round, whose amount remained undisclosed, was co-led by IDG Ventures and Fontinalis Partners.
The company intends to use the funds to deliver its database to automobile navigation systems, mobile phones, tablet devices, and other data aggregators.
Founded by President and CEO Sam Friedman and Alex Israel, Parking In Motion provides dynamic and real-time parking data, which offers coverage in more than 500 cities in the US, Canada, and Europe by providing rates, hours, entrance points, and occupancy information.
The database also includes on-street meter and sign restrictions in 26 US markets.
In addition to its smartphone app, the company has entered into partnerships with GPS navigation companies and app developers to reach a large audience of users.
FinSMEs
28/09/2011