Streetline, Inc., a Foster City, CA-based company that provides a smart parking platform, has closed a $25m Series C financing.
Backers include True Ventures, new investors Citi and Qualcomm Ventures, the venture arm of Qualcomm Incorporated, as well as follow-on investors Sutter Hill Ventures, RockPort Capital Partners, and Fontinalis Partners.
The financing, which augments the $25m credit facility Streetline recently secured from Citi, will enable the company to offer financing options for municipalities deploying smart parking solutions and to further extend its presence globally. Over the last twelve months, the company 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.
Led by Zia Yusuf, president and CEO, Streetline has developed a patented smart parking platform that 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 cloud-based applications, such as Parker (dowload here), a consumer guidance app for smartphones, tablets, personal computers and (in the near future) in-car navigation systems.
The company recently announced a collaboration with Cisco to deploy its smart parking solutions to San Mateo and San Carlos, Calif.