New York-based Intersection, which provides digital displays to transportation hubs in cities across the country, announces its raising of $150 million in financing for the global expansion of its smart city digital technology platform.
The company says the investment was made by a consortium of investors led by Graham Holdings Company, with participation from new investors ArrowMark Partners and NewSpring.
Intersection says it will use the funding to bring its “Link” Wi-Fi product and other smart city technologies to cities and transit systems around the world, accelerate the digitization of its existing media asset network in top U.S. markets, and develop the next generation of its technology platform.
“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,” says 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 has more than 600 employees and is headquartered in New York City. The company has eight offices in the U.S. and a network of products deployed in Chicago; Charlotte, North Carolina; Dallas; Houston; Los Angeles; Minneapolis; New York; Philadelphia; Pittsburgh; New Jersey; San Francisco; Seattle; and London.