US-based smart cities technology provider Intersection closed a $150m funding round yesterday led by media conglomerate Graham Holdings that included asset management firm ArrowMark Partners and investment firm NewSpring Capital.
Intersection was created in 2015 through the merger of outdoor advertising company Titan and design consultancy Control Group, and acquired by a consortium led by Sidewalk Labs, the urban infrastructure subsidiary of diversified conglomerate Alphabet, as part of that deal.
The company operates in markets such as New York City, where it has converted old phone booths into a range of kiosks called Links that offer free wifi, information on public transit and charging facilities. The services are paid for through advertising displays.
The money will go toward further technology development and international expansion efforts. The company is also undertaking a significant recruitment drive across several offices and divisions.
Tim O’Shaughnessy and Jake Mass, the chief executive and senior vice-president of Graham Holdings respectively, will join Intersection’s board of directors, as will Marc Lederman, co-founder and general partner of NewSpring.
O’Shaughnessy said: “Intersection is the clear leader in deploying real-world smart city solutions at scale.
“We believe there is tremendous opportunity for the company to leverage their experience from massive deployments like LinkNYC, extensive municipal and advertising relationships, and unique capabilities in data, engineering, user experience and design to create tremendous value for cities, consumers and brands.”