Streetline, a start-up based in Foster City, California, raised $25 million in Series C funding for its M2M smart parking systems for cities.
Streetline says it now has more than 30 cities and universities using its real-time smart parking solutions. The first two European deployments are in Braunschweig, Germany and Birmingham, U.K.
The new funding was led by True Ventures, and new investors Citi and Qualcomm 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.
"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 Fontinalis."
Streetline recently announced a collaboration with Cisco to bring smart parking to two Silicon Valley cities (San Mateo and San Carlos).