Parking In Motion Announces Closing of Series A Funding
Parking In Motion, Inc. today announced the closing of its Series A financing round, co-led by IDG Ventures and Fontinalis Partners, which will allow the company to deliver the worlds largest real-time parking database to automobile navigation systems, mobile phones, tablet devices, and other data aggregators.
Parking in Motion's mission is to help drivers park quickly and cheaply in a world where parking demand is growing much faster than the supply of spaces. More than two billion vehicles are projected to be on the road by 2050, and current studies indicate that approximately 30% of urban congestion currently results from motorists searching for parking. Going forward, it will become increasingly important for drivers to quickly locate available parking in order to ease carbon emissions and traffic congestion, and real-time parking availability information will be instrumental in accomplishing that goal.
"We are pleased that two of the world's leading technology and transportation investors have joined us to take Parking In Motion to the next level, and we view the investment as further validation of the growing importance of real-time transportation data," says Sam Friedman, President and CEO of Parking In Motion. "We are all excited to make the search for a parking space a thing of the past, and this partnership will accelerate our progress towards that goal."
Parking In Motion has built the world's leading parking database, covering more than 25,000 parking locations in 500+ cities, 19 countries and 3 continents, including both on-street and off-street parking locations. Parking In Motion works with both cities and private garage operators to direct drivers to available parking spaces. By "tapping" into already existing infrastructure such as smart parking meters, sensors, and parking gates, the company can inform drivers of real-time occupancy and pricing information.
William Clay Ford, Jr. ("Bill Ford"), a Founding Partner of Fontinalis Partners and Executive Chairman of Ford Motor Company, stated, "Our partnership with the Parking In Motion team reflects our commitment to supporting companies that seek to improve personal mobility across the globe. Real-time parking data can have a meaningful impact on alleviating the world's most pressing congestion and environmental problems."
Fontinalis Partners is not affiliated with Ford Motor Company.
"Saving time, money and the planet at the same time is appealing, and we were impressed by the robustness of Parking In Motion's parking data and the scalability of its platform," says Pat Kenealy, Managing Director of IDG Ventures. "The Parking In Motion team has done a great job of aggregating data across thousands of disparate parking providers and presenting it in consumer-friendly ways in nav systems and on cell phones, tablets, and other mobile devices. As the world 'goes mobile,' real-time parking information is poised for widespread distribution."
Parking In Motion currently delivers its information to users through its branded mobile apps and partnerships with leading navigation providers, mobile developers, and other commercial partners. Parking In Motion's smartphone app allows drivers to find and compare parking across the US, Canada, and Europe. Users can compare parking garages, lots, and spaces by cost, availability, hours of operation, and distance, and then receive in-app directions to the exact entry points.
Parking In Motion is constantly adding coverage to its parking database, working with both cities and private garage operators and vendors. The company is also constantly adding distribution partners to increase its user base, forming partnerships with map and navigation vendors, traffic data providers, cell phone carriers and app publishers, according to Friedman.
"Parking In Motion's extremely scalable method for processing and distributing real-time parking information will soon make it commonplace for drivers to locate parking by using their mobile phones and other platforms," says Friedman.
"We are pleased that two of the world's leading technology and transportation investors have joined us to take Parking In Motion to the next level, and we view the investment as further validation of the growing importance of real-time transportation data," says Sam Friedman, President and CEO of Parking In Motion. "We are all excited to make the search for a parking space a thing of the past, and this partnership will accelerate our progress towards that goal."
Parking In Motion has built the world's leading parking database, covering more than 25,000 parking locations in 500+ cities, 19 countries and 3 continents, including both on-street and off-street parking locations. Parking In Motion works with both cities and private garage operators to direct drivers to available parking spaces. By "tapping" into already existing infrastructure such as smart parking meters, sensors, and parking gates, the company can inform drivers of real-time occupancy and pricing information.
William Clay Ford, Jr. ("Bill Ford"), a Founding Partner of Fontinalis Partners and Executive Chairman of Ford Motor Company, stated, "Our partnership with the Parking In Motion team reflects our commitment to supporting companies that seek to improve personal mobility across the globe. Real-time parking data can have a meaningful impact on alleviating the world's most pressing congestion and environmental problems."
Fontinalis Partners is not affiliated with Ford Motor Company.
"Saving time, money and the planet at the same time is appealing, and we were impressed by the robustness of Parking In Motion's parking data and the scalability of its platform," says Pat Kenealy, Managing Director of IDG Ventures. "The Parking In Motion team has done a great job of aggregating data across thousands of disparate parking providers and presenting it in consumer-friendly ways in nav systems and on cell phones, tablets, and other mobile devices. As the world 'goes mobile,' real-time parking information is poised for widespread distribution."
Parking In Motion currently delivers its information to users through its branded mobile apps and partnerships with leading navigation providers, mobile developers, and other commercial partners. Parking In Motion's smartphone app allows drivers to find and compare parking across the US, Canada, and Europe. Users can compare parking garages, lots, and spaces by cost, availability, hours of operation, and distance, and then receive in-app directions to the exact entry points.
Parking In Motion is constantly adding coverage to its parking database, working with both cities and private garage operators and vendors. The company is also constantly adding distribution partners to increase its user base, forming partnerships with map and navigation vendors, traffic data providers, cell phone carriers and app publishers, according to Friedman.
"Parking In Motion's extremely scalable method for processing and distributing real-time parking information will soon make it commonplace for drivers to locate parking by using their mobile phones and other platforms," says Friedman.
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