It will use the funding to bring the fast-growing Link product and other smart city technologies to cities and transit systems
Smart cities technology and media company Intersection has closed a $150m funding round. The investment was led by Graham Holdings Company with participation from new investors ArrowMark Partners and NewSpring.
Intersection will use the funding to bring the Link product and other smart city technologies to cities and transit systems around the world. The company aims to accelerate the digitisation of its existing media asset network in top US designated marketing areas (DMAs) and to develop the next generation of its technology platform.
As part of the investment, Tim O’Shaughnessy, CEO of Graham Holdings, and Jake Mass, senior vice president at Graham Holdings, and Marc Lederman, co-founder and general partner of NewSpring, will join the Intersection board of directors.
“We believe in the transformative power of technology to elevate the urban experience -- delivering benefits like free internet connectivity, real-time information, localized content, and civic services -- as Link has done on the streets of New York City and London,” said Ari Buchalter, CEO of Intersection.
“We are incredibly excited to be joined by a visionary group of investors to help propel our technology leadership position in the smart cities and digital media spaces.”
Intersection applies digital technology to the physical world to help improve the experience of public space. Its business model funds innovation through advertising, providing opportunities for brands to reach audiences with “physical native” advertising.
The company said this investment builds on the Link network including LinkNYC, InLinkUK, and the recently-announced LinkPHL in Philadelphia, as well as its IxNConnect transit platform, powering products such as the On-The-Go kiosks in the MTA transit system in New York City and transit information kiosks in the Southeastern Pennsylvania Transit Authority.
“Intersection is the clear leader in deploying real-world smart city solutions at scale,” added O’Shaughnessy.
“We believe there is tremendous opportunity for the company to leverage their experience from massive deployments like LinkNYC, extensive municipal and advertising relationships, and unique capabilities in data, engineering, user experience, and design to create tremendous value for cities, consumers and brands.”
Founded in 2015, Intersection has more than 600 employees and is headquartered in New York City. The company has eight offices in the US and a network of products deployed in Chicago, Charlotte, Dallas, Houston, Los Angeles, Minneapolis, New York, Philadelphia, Pittsburgh, New Jersey, San Francisco, Seattle, and London.
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