Tue Jun 14, 2011 7:00am EDT

A wireless solution to the nightmare that is parking is getting a sizable investment from some well-known players. On Tuesday, startup Streetline, which uses wireless sensors and cell phones to find parking spots for drivers, announced it has raised $15 million from Fontinalis Partners, the investment fund from former Ford CEO Bill Ford, as well as RockPort Capital Partners and Sutter Hill Ventures.

Streetline embeds its wireless sensors on the streets around parking spots and in meters. Each sensor connects to a mesh network which feeds the parking availability data to a central office, and potential parkers can find open spots through updated street signs or on their cell phones. The company