Parko is a smartphone solution that saves drivers time by matching departing and arriving cars in parking situations. It employs predictive algorithms to understand and broadcast when a Parko user is approaching their vehicle to vacate a space. Alerting a nearby Parko user searching for parking, the app matches drivers to each other. Unlike other attempted solutions, Parko's intelligent software actively monitors and knows when parking is to become available, eliminating the hinderance of users needing to report to one another manually.
Market Large cities the size of Paris and New York see up to 3-5M vehicles park per day, and people can spend up to 30-40 minutes per day searching for spots. Even in a smaller city such as Tel Aviv, over 500K cars enter into the city each day. Much as crowdsourced applications like Waze have made navigating traffic more efficient, Parko’s intelligent software has the potential to save driver’s time and money.
Core Technology Unlike other parking solutions, which involve users reporting to one another, Parko's intelligent software actively monitors and knows when parking is to become available. These sophisticated algorithms make use of information from more than 9 sensors found in a typical smartphone to identify when the user is driving, when (and where) he has parked, and when he is returning to his vehicle. In addition, Parko’s technology “learns” each user’s daily parking behavior.
Business Model Parko's freemium model charges users for finding parking when it's hardest to find parking in the toughest areas.
Parko is also pursuing a location-based advertising strategy and has already signed several initial deals with coffee-shop chains in Israel, enabling them to send advertisements and coupons to Parko users on a location-specific basis.
In addition to the monetization of its consumer software, Parko is packaging its predictive software algorithms into a B2B product and preparing to license it to 3rd party apps in a wide range of applications.
OurCrowd investors backed Parko with an investment of $385,000 in late 2012.
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