Parking In Motion closes Series A financing

Parking In Motion 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 world’s largest real-time parking database to
automobile navigation systems, mobile phones, tablet devices, and other data

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 percent of
urban congestion currently results from motorists searching for parking.

“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,” said Sam
Friedman, president and CEO of Parking In Motion.

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.

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.

By Team
[email protected]