Source: The New York Times
A wireless solution to the nightmare that is parking is getting a sizable investment from some well-known players. On Tuesday, startupStreetline, which uses wireless sensors and cell phones to find parking spots for drivers, announced it has raised $15 million from Fontinalis Partners, the investment fund from former Ford CEO Bill Ford, as well as RockPort Capital Partners and Sutter Hill Ventures.
Streetline embeds its wireless sensors on the streets around parking spots and in meters. Each sensor connects to a mesh network which feeds the parking availability data to a central office, and potential parkers can find open spots through updated street signs or on their cell phones. The company’s Parker app is available on iTunes .
The four-year-old company has deployed its technology in places like Los Angeles; San Francisco; New York City; Sausalito, Calif.; and the University of Maryland. Streetline CEO Zia Yusuf said its city and university customers commonly have between a few hundred to a few thousand parking spots connected via the system, and many customers are expanding early small deployments into larger networks. Streetline says the new funds, which are its Series B, will go toward expanding its network of sensors and services.