Streetline Closes Oversubscribed $15M Series B Financing to Fuel Growth Fontinalis Partners, RockPort Capital and Sutter Hill Ventures Back Leading Provider of Smart City Solutions
SAN FRANCISCO, June 14, 2011 /PRNewswire/ -- Streetline, Inc. today announced that it has closed $15 million in Series B financing co-led by Fontinalis Partners and RockPort Capital Partners, with additional reinvestment from the company's existing investor Sutter Hill Ventures. Streetline aims to use this additional funding to further expand the company's suite of sensor-enabled mobile and web-based smart city and smart parking solutions.
With 800 million vehicles on the road today, and two billion projected by 2050, the requirement to further reduce congestion and optimize the way people get to where they need to go more efficiently and sustainably will only continue to increase in significance.
"This investment is a validation of Streetline's achievements to date and represents a considerable endorsement of our future growth potential throughout the U.S. and overseas," said Zia Yusuf, president and CEO of Streetline. "We are pleased to partner with Fontinalis, RockPort and Sutter Hill to further accelerate our footprint around the globe. Together we will continue to invest in the people, infrastructure, and systems necessary to make smart cities a reality and improve how people work and live."
William Clay Ford, Jr. ("Bill Ford"), a founding partner of Fontinalis Partners and executive chairman of Ford Motor Company, commented, "We're excited to announce our partnership with the Streetline team. The Streetline business model is directly aligned with Fontinalis' mission to invest in and assist firms which are currently providing transformational ideas and products devoted to solving the world's most pressing environmental and mobility-oriented problems. Streetline's pioneering real-time smart parking technology will be instrumental in improving personal mobility across the globe."
Fontinalis Partners is not affiliated with Ford Motor Company.
"Parking is a $25 billion industry in the United States alone and its current transition from coin operated meters to digital display meters is the first significant change in technology the industry has experienced. Streetline brings parking all the way into the information age by providing the complete information on which to base decisions, thus enabling 'smart parking' and bringing benefits not only to cities and private parking operators of all kinds, but to consumers around the globe," said Victor Westerlind, general partner, RockPort Capital Partners. "Rockport's investment in Streetline is based on the overall market opportunity, the company's solid and diversified business model, smart strategy for growth, and world class management team. We look for companies that can be the leader in their market and see that in Streetline."
"Streetline's strong growth and solid business model, coupled with its visionary leadership is the foundation of our continued support and involvement with the company," said Jim White, managing director, Sutter Hill Ventures. "Streetline's solutions offer a strong value proposition to consumers and a strong business case to municipalities and private parking operators, by significantly increasing revenue, while reducing costs, traffic congestion, fuel usage and vehicle emissions. Streetline's proven suite of guided parking solutions puts the company at the forefront of its industry."
Following this latest round of investment, the Streetline Board of Directors will include:
- Jim White, managing director, Sutter Hill Ventures
- Ralph Booth, founding partner, Fontinalis Partners
- Victor Westerlind, general partner, RockPort Capital Partners
- Zia Yusuf, president and CEO, Streetline, Inc.
Streetline is revolutionizing how cities reduce congestion and emissions by tackling a key, but often overlooked source: drivers searching for parking. Experts estimate that 30 percent of urban traffic is caused by motorists looking for parking. Additionally, vehicle emissions resulting from drivers looking for parking are so closely linked that a year-long study found that drivers in a 15 block district in Los Angeles drove in excess of 950,000 miles, produced 730 tons of carbon dioxide and used 47,000 gallons of gas searching for parking. [*Based on 2007 study by Professor Donald Shoup, University of California, Los Angeles]
By accessing real-time parking availability via Parker™ by Streetline, the leading real-time consumer parking app, motorists can quickly and easily find and pay for available parking based on location, time limit and price – and significantly decrease emissions produced while searching for the perfect parking spot.
Streetline's patented smart parking platform detects the presence of a car through a network of ultra-low power wireless sensors located in individual parking spaces. By downloading Parker onto a smartphone or compatible tablet, consumers can access real-time parking availability – with icons noting more than four spaces available (plenty of parking), more than two spaces available (some parking), or less than two spaces available (limited parking). The app also delivers information about parking space time limits, pricing, whether meters take credit cards or coins, and space capacity for select off-street parking facilities including structures and lots.
About Streetline, Inc.
Streetline's mission is to make smart cities a reality through the use of sensor-enabled mobile and web applications. As the leading global provider of smart parking solutions for cities, airports, universities, private garages and consumers, Streetline's pioneering technology connects citizens with critical information to improve the way they live and work, while making cities more efficient and lessening their environmental impact.
Streetline is a privately held company headquartered in San Francisco, Calif. with smart-parking deployments in California, Maryland, New York, Texas, Utah and Washington, D.C. The company was recently named one of Fast Company's 10 Most Innovative Companies in Transportation, as well as IBM Global Entrepreneur of the Year.
For more information visit: www.streetlinenetworks.com.
SOURCE Streetline, Inc.