US-based geospatial data technology developer StreetLight Data has raised approximately $7.6m in a series B round co-led by energy services provider Engie through its Engie New Ventures unit.
The round, co-led with venture capital firm Osage University Partners, included Deutsche Telekom Strategic Investments, which acts as the corporate venturing arm of telecommunications firm Deutsche Telekom, and VC firm Vision Ridge Capital Partners.
Founded in 2011, StreetLight’s InSight platform uses geospatial data generated by mobile devices to produce insights into mobility and transportation patterns, helping better decisions to be made about transportation engineering, real estate and economic development.
Engie CEO Gérard Mestrallet said: “There is a lot of buzz about Smart Cities without specifics on the tangible solutions to enable them.
“Engie invested in StreetLight Data because their mobility analytics illustrate the flow of a city’s people, goods and services and are already a key enabler to the actual creation of smart, efficient and sustainable cities.
Deutsche Telekom, investing through its now retired T-Venture unit, and Vision Ridge took part in a $3.6m round for StreetLight in 2013, which was followed by $2m of equity funding the following year according to a securities filing.
The series B financing will be spent on product development and the expansion of StreetLight’s marketing capabilities.