Cleverciti increased its total funding to €24.03 million with the €4.76 million ($5.6 million) capital injection. The financing will help the company expand its sales and marketing activities and accelerate the launch of its smart parking solution as a SaaS product. The international Cleverciti team from the headquarters in Munich and the location in Atlanta, USA.
Despite the crisis: all VCs at the same table
All existing institutional investors participated in the round led by SPDG Ventures, including Tesla investor 'The Westly Group', EnBW New Ventures (ENV) and KfW.
Olivier Périer, SPDG Ventures Chairman, says:
"We are proud to have all of Cleverciti's investors at the table in the midst of a global crisis. This reflects Cleverciti's unique position: well-funded and a leader in reducing traffic and emissions in our cities [...]."
The intelligent parking solutions Cleverciti's solutions help cities and organizations such as park & rides, shopping centers, and hospitals reduce traffic and emissions. At the same time, they can increase revenue from parking and shopping, while drivers enjoy a smooth, stress-free arrival. The Munich-based startup's solution is already being used at over 200 locations in over 20 countries worldwide.
One of Cleverciti's latest large-scale installations is the comprehensive parking guidance system in Cologne, which was introduced in June 2020. With the company's innovative digital signs on every street corner and a mobile app, drivers are now guided to a free parking space.
How smart parking works with Cleverciti
Cleverciti brings edge computing, artificial intelligence-based IoTSensors, 360-degree guidance solutions, and vehicle tracking maps come together. The sensors and digital signs are typically mounted on lampposts. Up to 100 parking spaces can be monitored with a single sensor. At the same time, vehicle tracking maps identify the exact location of a vehicle in a parking lot and automate payment.
"We evaluated smart parking solutions from around the world before investing in Cleverciti. We believe Cleverciti has developed the world's best solution for smart, efficient parking and parking guidance systems, which will help cities rethink how they reduce congestion in city centers and retail areas."
says Steve Westly, Managing Partner of Westly Group.
Thomas Hohenacker, Cleverciti CEO, says:
"We need to reduce CO2 emissions, make our cities smarter and more livable, and reduce wasted time and energy. Cleverciti is making an immediate impact in each of these areas by enabling drivers to park quickly and seamlessly with our intelligent parking data and turn-by-turn guidance systems."
The Munich-based company has already received several awards for its innovative parking solution, including the Munich Startup Award 2017.
