In the News

Mobile Parking Service Streetline Grabs $25M From True Ventures, Qualcomm, Citi

Date: 01/10/2013

Company: Streetline

Source: Forbes

Parking may seem like one of the most low-tech services. But entrepreneurs are looking to address that with new mobile technology.

Startup Streetline has raised $25 million in Series C financing led by True Ventures with new investors Qualcomm Ventures and Citi. Existing investors Sutter Hill Ventures, RockPort Capital Partners and Fontinalis Partners also participated.

The Foster City, Calif. company provides sensors that are installed in parking spaces that are used by consumers to see which streets have open parking spaces. Consumers can then use Streetline’s Parker app to find a space. The app has a map with the numbers of open spaces on different blocks. Streetline also is signing up parking garages. Streetline uses technology that counts how many spaces are available in a garage based on the usage of the front gate of the garage. People can also reserve a space in a parking garage using the app.

Parking garages can manage their inventory online and do things like offer coupons. Streetline originally developed the sensors used in the parking space, but has now built a platform for managing information about parking spaces. ”We transitioned from sensors, which are still a big part of what we do, to now a data and apps company,” says Zia Yusuf, CEO of Streetline.

Read full story at Forbes

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