Intersection earns $150 million in funding round
Intersection, a smart cities technology company, recently closed a $150 million funding round. The company plans to use the funds to grow its Link network, which provides free Wi-Fi, wayfinding and kiosks to cities such as New York City and Philadelphia, according to a press release.
"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," Ari Buchalter, CEO of Intersection, said in the release. "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."
The company powers a variety of services such as On-The-Go kiosks in the Metropolitan Transportation Authority in New York City and transit information kiosks in the Southeastern Pennsylvania Transit Authority. It also assists brands with reaching audiences with real-time content on its displays, according to the release.
"Intersection is the clear leader in deploying real-world smart city solutions at scale," Tim O'Shaughnessy, CEO of Graham Holdings, an investor of Intersection, said in the release. "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."