Streetline's reliance on sensors means it has lots of old-school, cable-like work to do before it can begin delivering on its rather promising promise.
“Smart parking” platform Streetline just announced that it has raised $25 million in Series C funding. The round was led by True Ventures, with participation from new investors Qualcomm Ventures and Citi, as well as past backers Sutter Hill Ventures, RockPort Capital Partners, and Fontinalis Partners. The company has now raised a total of $40 million, and it says it recently obtained a $25 million credit facility from Citi, too.
Streetline’s technology helps drivers find empty parking spaces, while also allowing cities, universities, and parking lot owners to learn more about their parking occupancy “at every second of the day.” It uses sensors installed next to parking spaces to determine whether a space is empty, then delivers that data to apps including the free Parker app for consumers and other products designed for city planners and parking facility operators.