Parking on the street isn’t always easy, and while some cars can now use artificial intelligence (AI) to park for the driver, one has yet to find an open space. Startup Parknav is actively raising funds from investors to use AI to help drivers identify available on-street parking in real time.
Investments driven by crowdfunding investors
The latest fundraising episode for the startup business is being organized on the StartEngine crowdfunding platform. Parknav is offering investors equity in the company in the form of preferred shares and is poised to raise up to $ 4.2 million in new funding for its startup business. Shares of the IA company are currently selling for $ 5.02 a share. So far, nearly 70 investors have contributed to the regulatory crowdfunding campaign, raising more than $ 86,000 for the business.
“I am an AI scientist, and I believed that AI could help us get and find parking in real time in the city,” said Eyal Amir. “Driving is not a pain where there is not too much traffic, but when I look for parking it can cause a lot of gray hair, waste of money and waste of time.”
Before the latest funding efforts, Parknav raised nearly $ 800,000 from crowdfunding investors on WeFunder. The startup has also found the support of Village Global Venture Capital (VC). The venture capital firm is backed by some highly successful entrepreneurs, including Jeff Bezos, Bill Gates, and Mark Zuckerberg.
Parknav will use the latest injection of funds from crowdfunding investors to continue to develop its platform and market its AI solutions to new clients.
Real-time parking availability
Amir launched the startup business in 2015 after years of AI technology research at the University of Illinois. Using a variety of sensors, tools, and predictive algorithms, Parknav aims to create a simple and effective map of street parking availability for consumers and businesses.
Using data collected from a combination of phones, cars, satellites, and other “smart city sensors,” Parknav can generate a map of available parking in real time. With the addition of data collected from its platform users, the startup claims that its map produces data that is approximately 95% accurate.
While the business is currently focused on parking, Amir sees potential for the technology to branch out into different types of predictions.
“The truth is, it’s not just parking,” Amir said. “Our AI technology and solutions can be used to address issues such as traffic, security, safety, health, and the supply chain.”
Finding an open space in the AI industry
Market research predicts that the global AI market will reach nearly $ 998 billion by 2028, registering a CAGR of 40.2% over the forecast period. AI technology is rapidly expanding its reach into new industries every day, whether it’s improving crop yields in the agricultural sector or discovering new pharmaceuticals in medicine.
The startup will have to compete with other solutions for real-time parking availability, such as those offered by TomTom and INRIX. To secure a place in the industry, Parknav will likely need to expand the effective range of its AI solution and maintain its existing level of accuracy. Currently, the company claims that its technology is available in more than 1,000 cities in Europe and North America.