CityZ, a Turin-based startup that has developed a new smart parking model, has announced the completion of a investment round of €575,000. The lead investor in the operation is 40Jemz S.p.a.Verona-based investment company, together with Magic Spectrum, the 5G and IoT Accelerator created by CDP Venture Capital Sgr, Fondazione Compagnia di San Paolo and Digital Magics, now in its third edition. In the past, CityZ was also one of the winners of the Call4Acceleration on the theme of 5G & emerging technologies launched by CTE Next, thanks to which it had been able to experiment with its technological solution.
With this new financial support, CityZ aims to accelerate its growth, entering the national market and further strengthening research and development.
The entrepreneurial adventure of CityZ began at the end of 2021, with the aim of creating an innovative solution to address problems such as increased traffic, road safety, abuse of reserved parking spaces, pollution and city stress. With its technology, the Adhesive Smart Sensors that can be installed on the road surface, CityZ monitors the status of parking spaces, communicating in real time through a computer platform that can be integrated into all the navigation apps already on the market.
The Turin-based startup has already achieved significant milestones, obtaining TÜV certifications for its sensors, arousing the interest of important players such as Movyon Movyon of the group Autostrade per l’Italia, and consolidating its technological know-how internally. Currently, the company is creating collaborations with companies in the electric car charging station and urban mobility sectors to start scaling the market in 2024.
Andrea Buri, CEO of CityZ, comments enthusiastically on the operation: "This investment is a significant step towards achieving the company's vision of making cities better places through innovative urban mobility solutions. The capital injection will allow CityZ to continue to grow and innovate in the field of urban parking management. We are excited to collaborate with 40Jemz Ventures, Magic Spectrum and other strategic partners to take CityZ to the next level".
"We are happy to have invested in CityZ and its Team. The mission of 40Jemz is to invest in companies that bring innovation and new solutions to problems that have not yet been solved. We believe that CityZ's product is the missing piece of the puzzle that, integrated with existing systems, can contribute to a significant improvement in traffic flow in our cities and make parking management more efficient," commented David Erba of 40Jemz.
"We are proud of the speed of execution of the CityZ team, during the program the Turin-based startup collaborated with companies such as STMicroelectronics, INWIT and IREN, partners of great value for our Magic Spectrum program. Andrea Buri, founder and CEO of CityZ, confirms that the Magic Spectrum formula works because it is based on two pure elements: on the one hand, rapid and progressive investments, and on the other hand, technical and commercial synergies that involve the founders of the startup and the tenacious commitment of the managers of large corporations. In the third edition of the program, we will further strengthen this formula, working in close cooperation with CDP Venture Capital, Fondazione Compagnia di San Paolo and all our corporate and technical partners," says Ludovico Facchini, Program Director of Magic Spectrum and Portfolio Manager of the startup.
(Source: CityZ press release)
