Contact: Andrea Kruchik Krell, VP of Partnerships
+1(408) 921 6380 or firstname.lastname@example.org
SAN FRANCISCO, CA – June 26, 2014 – Israeli startup Parko raised a $1.1 million seed round to utilize the wisdom of the crowd to eliminate drivers’ painful experience in the search for parking. The participating investors were SparkLabs Global Ventures, OurCrowd, and a syndicate of European angels. Jeff Pulver, Vonage Co-founder and VoIP pioneer, also joined the company’s board of advisors.
“We are excited to bring our leading technology to navigation providers, mobile parking solutions, automobile manufacturers, and municipalities,” stated Andrea Kruchik, Parko’s VP of Partnerships. The current offering has been expanded to include its new parking availability information map-layer and parking guidance API, which can be integrated into any iOS or Android driving-related app. The company has recently opened branches in San Francisco and Paris.
Parko’s new API provides the parking ecosystem the ability to help drivers discover the optimal navigation route to a parking spot with real-time updates from other drivers. Parko’s technology analyzes the parking habits of opt-in users.
“We collect the anonymous data of when people park on-street, when they vacate the parking spot, on which street, and at what time”, explained Itai David, Parko’s CTO.
Advanced algorithms analyze this data and build a map of parking availability for each street and for any give moment. The maps are continuously updated in real-time as new parking data is sourced from the crowd.
"It's much like traffic information - we color the streets red, orange or green depending the probability of finding parking there for the current moment. We are really excited to bring this technology to various navigation companies, driving apps and other potential business clients," continued David.
The Next Generation of ETA
Parko’s new API also provides a door-to-door ETA (estimated time of arrival) that takes into account the expected parking search time for the area you're driving to. This is in addition to the time a person would walk from the parking spot to the destination. Parko’s solution is being integrated into navigation solutions and mobile parking payment solutions in the U.S.
“Our technology provides a level playing field for people trying to find a parking space as quickly as possible. It’s a real technology solution and not some archaic auction system that takes advantage of a public good,” explained Tomer Neu-Ner, CEO of Parko.
Parko brings a crowd-sourced solution for parking. Through our smart algorithms, we collect and analyze data on drivers’ parking behaviors to deliver intelligent parking availability information. We provide the most optimal route to find parking with real-time updates from other drivers.
Parko gives people a door-to-door ETA (Estimated Time of Arrival) and takes into account the expected parking search time. The company’s solutions are being integrated into navigation and parking payment companies as a suite of easy-to-embed SDKs, API libraries and dashboards. For more information, please visit www.parko.com