Origin Ventures Invests in CityScan
Chicago, IL. (April 22, 2013)- CityScan, a pioneering urban data intelligence company, announced today that it has officially closed its round of seed funding with a $310,000 investment from Origin Ventures III LP. The additional funding from Origin will ensure that CityScan has the resources to continue its marketing efforts as they launch their first commercial pilots in targeted cities around the country.
“In the past 6 months, CityScan has made great strides in pursuing contracts with major US cities,” stated CityScan’s CEO David Guttman. “Having Origin Ventures on our team, providing both financial and intellectual capital, are tremendous assets to our business and a nice show of confidence that we are moving in the right direction.”
CityScan, founded in 2011, works with city governments across the country by providing technical solutions to problems cities face everyday. Leveraging Mobile Terrestrial LiDAR (MTL), an advanced laser imaging technology from Nokia/NAVTEQ, allows CityScan to work with cities and efficiently inspect and assess street-level infrastructure generating revenue and helping make cities safer.
“The combination of innovative technology and a strong management team made CityScan a very compelling investment opportunity for Origin Ventures,” said Bruce Barron, Principal of Origin Ventures, “We believe that City Scan has developed a technology driven value proposition for municipal governments to help them generate significant revenue by enhancing their ability to discover and enforce a variety of laws and local standards.”
About CityScan, Inc.
CityScan is creating better ways for cities to make smarter decisions about street level features and environments, enabling them to increase revenue and improve safety. Through the use of images, Mobile Terrestrial LiDAR technology and other open datasets, CityScan empowers municipalities to accurately predict and proactively respond to changes that impact their communities. For more information, visit www.cityscan.com.
About Origin Ventures
Origin Ventures, which recently launched its $45 million Fund III, is an early stage venture capital firm based in Northbrook, IL with additional offices in Chicago, IL. The firm was co-founded by Steve Miller and Bruce Barron in 1999. Previous investments include iNest Realty (sold to IAC), GrubHub, Shoutlet, ifbyphone, and Campus Explorer. For more information, visit www.originventures.com.
