Mobility tech firm AppyParking has closed a 拢7.6 million Series A round.
The London-based company aims to transform parking for motorists and empower local authorities and car park operators to better manage their assets.
The funding was led by West Hill Capital, the London-based venture capital firm, with participation from existing investors Aviva Ventures and Breed Reply, and includes new strategic investment from Hyundai Motor Corporation and Sumitomo Corporation.
The investment brings AppyParking鈥檚 total funding since launch to over 拢11m and will enable the company to accelerate product development, support domestic and international growth and continue to expand its team.
Founded in 2013 with the launch of its award-winning smart parking app, AppyParking now hosts the largest dataset of the UK鈥檚 kerbside restrictions which is aligned with the recently announced data standard by the Alliance of Parking Data Standards (APDS), with more than 400 towns and cities forecasted to be mapped by the end of this year.
Dan Hubert, founder and CEO of AppyParking, said: 鈥淎cross the world 鈥楽mart City鈥� projects are underway to develop autonomous vehicle and intelligent mobility solutions to help save our cities from grinding to a standstill.
鈥淭he challenge is real and technological innovation is racing ahead of the legacy infrastructure in place to manage a key piece of city real estate 鈥� the kerb.
鈥淏y empowering local authorities with the tools that help them better manage and open up their kerbside, we鈥檙e helping them to address key issues like congestion and air quality, whilst also laying the future foundations for truly sustainable intelligent mobility.
鈥淚t鈥檚 a real achievement for the whole team to secure this investment and I鈥檓 extremely excited to have Hyundai and Sumitomo on board to support our mission.
鈥淲ork is already underway to take our mission global as we aim to make the humble kerb work for everyone, and help cities thrive.鈥�
Takashi Yamana, president and CEO of Sumitomo Corporation Europe, commented: 鈥淲ith existing mobility service across the Nordic region and 鈥楽mart City鈥� projects in Europe and Asia, we expect through this investment we can harness AppyParking鈥檚 technology and innovative approach to support these existing businesses, whilst of course helping accelerate their growth internationally.鈥�
Dr. Yun-seong Hwang, Vice President of Hyundai Motor Company added: 鈥淲e believe that parking and kerbside access are key components to enable the full potential of any future mobility strategy.
鈥淲e recognise that AppyParking鈥檚 competencies and technology could solve important parts of the mobility ecosystem and this aligns with Hyundai鈥檚 strategic vision.鈥�