December 18, 2015
Leading Smart Parking Innovator Raises Funds from Boston-based GTELS Capital (“GTELS”)
MILWAUKEE, Wis. – CivicSmart, Inc., an innovator in on-street parking sensors and other “Smart City” technologies, today announced the closing of its equity financing from GTELS. The investment was used to acquire Duncan Parking Technologies, Inc., as previously announced in July 2015. Proceeds will also accelerate market penetration of its technology and expansion into new markets.
CivicSmart also announced the appointment of its Board of Directors. Mr. Balu Subramanya, Founder and CTO of CivicSmart, will serve as Chairman, and Mr. Michael Nickolaus, President and CEO, has joined the Board. Outside Directors include Mr. Matthew Cusick, Managing Partner of GTELS, Ms. Gretchen Effgen, Vice President of Sales & Business Development at coUrbanize, and Mr. David Mitchell, Vice President of Business Development at Global Language Translation, Inc.
“We were delighted that Matt Cusick and GTELS share our vision for the business and invested in CivicSmart,” said Mr. Subramanya. “The market for our solutions is expanding, and our ability to continue to innovate new offerings positions us to serve cities and partners around the world.”
“We see tremendous growth potential for CivicSmart and its patented radar-based sensor technology. Smart Parking is a leading component of Smart Cities’ architecture that delivers tangible transportation, financial, environmental, and quality of life benefits to motorists and government officials.” said Mr. Cusick. “Balu, Mike and the rest of the CivicSmart team have the technical expertise, industry experience, and drive to deliver these results to a global client base.”
“I’m delighted to join the CivicSmart Board,” said Ms. Effgen, who formerly was Vice President of Strategy and Corporate Development at ZipCar and sits on the World Economic Forum’s Global Agenda Council on the Future of Cities. “Developing and implementing solutions at the intersection of transportation and urbanization is critical for cities’ economic growth in the years ahead, and CivicSmart’s technologies will help cities deliver on this important goal.”
“I’ve known Balu for over 15 years, and his ability to continuously innovate, combined with his business acumen, are great assets for CivicSmart,” said Mr. Mitchell. “I’m delighted to support Balu and his team.” Mr. Mitchell has served in a number of executive positions and brings a wealth of technology and transportation experience serving both public and private sector clients. His experience includes Chairman Emeritus of the Northern Virginia Technology Council’s International Committee, Member of the Board of Directors of ITS America, and Creator and Head of Battelle Memorial Institute’s Transportation Division.
“2016 will be an exciting time as we complete the integration of Duncan’s product business, expand the roll out of our current offerings, and announce a number of new innovations,” said Mr. Nickolaus. “We will also be announcing a series of strategic partnerships that will expand our reach around the world.”
CivicSmart, Inc., is a technology services and engineering company specializing in developing and delivering innovative parking and transportation offerings. CivicSmart solutions have been deployed globally and CivicSmart serves nearly 2,000 clients. More information about CivicSmart is available at CivicSmart.com.
About GTELS Capital
GTELS provides equity capital to entrepreneurs who have identified established marketplaces in need of technology innovation and have a solution to capture the opportunity. Focused on growth, the use of capital can range from acquisition to buyout to funding of operations.