According to Jordan Justus, the company’s CEO and co-founder, the round includes $7.5 million in equity and $1.5 million in credit from a single investor.
Total equity funding to date for the company, which traces its roots to 2017 while Justus and co-founder and CTO Harris Lummis were students at Loyola Marymount University, stands at $26 million, Justus said.
This funding round included Santa Barbara Venture Partners, Weatherford Capital, BarronKent Ventures, Techstars Ventures, kineo, and other investors, according to a statement.
Automotus offers a platform powered by computer vision that cities and airports can use to monitor and control traffic at curbs, including via data analytics and automated payments. The rise of ride hailing along with consumer dependence on retail deliveries help make curbside spaces increasingly busy.
An example of the technology in use comes from Lincoln, Neb., where cameras provided by Automotus have helped officials craft parking policies for downtown.
Automotus says it has deployed its tech in “dozens of markets across the country.”
The fresh capital will go toward deeper product offerings, market expansion and customer support.
“Cities and airports are under immense pressure to modernize the curb as commercial traffic surges and they’re forced to grapple with AVs,” Justus said. “This investment allows us to scale our impact and continue delivering technology that makes streets safer, more efficient and more sustainable.”
