Parking In Motion has raised an undisclosed amount of capital in a Series A financing round co-led by IDG Ventures and Fontinalis Partners, the investment firm co-founded by William Clay “Bill” Ford Jr., the great-grandson of Henry Ford (and Executive Chairman of Ford Motor Company).
The additional capital will allow Parking In Motion to deliver its real-time parking database to automobile navigation systems, mobile phones, tablets and other data aggregators.
The company works with cities and private garage operators to direct drivers to available parking spaces across the US, Canada, and Europe. Parking In Motion taps into existing infrastructure such as smart parking meters, sensors, and parking gates, enabling it to inform drivers of occupancy and pricing information in real-time.
Parking In Motion covers more than 25,000 parking locations in 500+ cities, 19 countries and 3 continents, including both on-street and off-street parking locations.
The company currently delivers its information to users through its branded mobile apps and partnerships with navigation providers, mobile app developers and publishers, and other partners.
Parking In Motion was co-founded by Sam Friedman and Alex Israel and is headquartered in Santa Monica, California.