AI Startup Parknav Taps Crowdfunding Investors to Help Drivers Find Open Parking Spaces

By James White | Saturday, 18 September 2021 | Startup, Tech

Street parking is not always easy, and even though some cars can now use artificial intelligence (AI) to park for the driver, one must still find an open space. Startup company Parknav is actively raising funds from investors to use AI to help drivers identify available street parking in real-time.

Investments Driven by Crowdfunding Investors

The latest bout of fundraising for the startup business is being hosted on the StartEngine crowdfunding platform. Parknav is offering investors equity in the company in the form of preferred stock and is prepared to raise up to $4.2 million in new funding for its startup business. Stock in the AI company is currently selling for $5.02 per share. So far, almost 70 investors have contributed to the regulation crowdfunding campaign, raising upward of $86,000 for the business.

“I’m an AI scientist, and I believed AI could help us get and find parking in real-time in the city,” said Eyal Amir. “Driving is not a pain where there’s not too much traffic, but when I look for parking, that can cause me a lot of grey hair, money loss, and time loss.”

Prior to the latest funding efforts, Parknav raised nearly $800,000 from crowdfunding investors on WeFunder. The startup company has also found support from Village Global Venture Capital (VC). The VC firm is backed by some wildly successful entrepreneurs, including Jeff Bezos, Bill Gates, and Mark Zuckerberg.

Parknav will use the newest infusion of funding from crowdfunding investors to continue to develop its platform and market its AI solutions to new customers.

Real-Time Parking Availability

Amir launched the startup business in 2015 after years of researching AI technology 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 is able to generate a map of available, real-time parking. With the addition of data collected from its platform’s users, the startup company claims that its map produces data that is roughly 95% accurate.

While the business is currently focused on parking, Amir sees potential for the technology to branch into different types of predictions.

“The truth is, it's not just parking,” Amir said. “Our technology and AI solutions can be used to address problems including traffic, security, safety, health, and supply chain.”

Finding an Open Space in the AI Industry

Market research predicts that the global AI market will reach almost $998 billion by 2028, registering a CAGR of 40.2% over the forecast period. AI technology is rapidly expanding its reach to new industries each day, whether it is improving crop yields in the agricultural sector or discovering new pharmaceuticals in medicine.

The startup company will have to compete with other solutions for real-time parking availability, such as those offered by TomTom and INRIX. In order to secure a spot 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 business claims that its technology is available in over 1,000 cities across Europe and North America.

About the Author

James White

James White is a Michigan State University graduate with a BS in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.