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Highlights
- EVP supports Modii’s $3 million seed funding round
- Modii’s tech boosts parking efficiency in major US cities
- Australian innovation sees traction in smart infrastructure
In a significant development for smart infrastructure and mobility technology, Australian-founded Modii has secured $3 million in seed funding to accelerate the expansion of its AI-driven parking and mobility platform across the United States. The investment round was led by Sydney-based venture capital firm EVP, with participation from Adcock Private Equity.
Founded by Mark Frumar and Oliver Lewis, Modii operates from Denver and currently manages over one million parking spaces in the US. The company's technology has already delivered measurable impact, including an average 8.5% increase in parking revenue and a reduction in parking violations by up to 60%. This operational boost is particularly meaningful as urban centres increasingly prioritise smarter traffic and parking solutions to meet rising demand and sustainability goals.
The company’s AI-powered, cloud-based platform has found strong traction among high-profile clients. These include several host cities for the 2026 FIFA World Cup, major US metros, and five of the largest universities in the country by daily attendance. The platform's value was recently validated in a two-year study in partnership with the University of Texas at Arlington, funded by the North Central Texas Council of Governments.
Modii's success reflects a growing trend in backing technological solutions that optimise everyday infrastructure challenges. With EVP’s investment, the company is poised to scale faster and contribute further to smart city development—a sector drawing increasing attention globally. EVP's principal Mark Velik, who will now join Modii’s board, remarked that the company has built a product with clear demand and potential to disrupt an overlooked yet crucial aspect of urban life.
This development also underscores how private equity and venture capital participation can shape the future of global infrastructure—while creating ripples in broader investment landscapes. Investors watching trends like smart mobility often keep a close eye on innovative ventures that feed into long-term macroeconomic shifts.
Australian investors following themes such as smart technology, mobility, and infrastructure within the ASX200 index may find such developments noteworthy, especially as Australian talent continues to make global waves. These types of forward-looking innovations can also be of interest to those exploring ASX dividend stocks, particularly when growth and recurring income opportunities intersect.
As Modii scales its footprint, supported by Australian investment firms, it reinforces the nation’s growing role in shaping global tech ecosystems. For market watchers and tech enthusiasts alike, it’s a space worth tracking.
