US-based car park management technology developer Parkifi raised $9.5m in series A funding on Wednesday, building on existing financing by investors including real estate developers Simon Property Group and Howard Hughes Corporation (HHC).
The round, co-led by venture capital firms Crosslink Capital and Grotech Ventures, will allow Parkifi to employ more staff, grow its national reach and expand its sensor network into new parking spaces, shopping centres and office blocks.
Parkifi produces smart sensors that monitor parking space occupancy, average stay, violations and pricing trends, transmitting the data to a smartphone app. The objective is to improve efficiencies for drivers, increase turnover for car park operators and reduce traffic congestion.
The round follows a $2m seed round in October 2015 backed by Simon, HHC and Camber Creek, the corporate venturing arm of US property group Berman Enterprises.
Parkifi had already received $2m in a May 2015 round that included Galvanize Ventures, Foundry Group Angels and Access Ventures.
– Image courtesy of Parkifi