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Qualcomm Invests in Street Parking App Developer
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Mobile based street parking app developer Streetline has closed $25 million in Series C financing led by True Ventures, and new investors Citi and Qualcomm. Pro-rata follow-on investments were made by Sutter Hill Ventures, RockPort Capital Partners, and Fontinalis Partners to complete the round.
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, UK. Streetline intends to use the additional funding to build on this momentum and further extend its footprint globally.
Streetline's patented smart parking platform detects the presence of a car through a network of 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. In addition to real-time data, Streetline also integrates garage data for over 23,000 locations into a 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."
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