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Parko successfully raises $1.1 million in funding


Parko, an Israeli startup, successfully raised $1.1 million in seed funding for its API.

Parko’s API can be integrated into any Android or IOS driving app and uses crowdsourced data to provide real time parking availability. Parko’s API is currently being integrated into US navigation and parking payment solutions.

How it works? Parko anonymously collects data when and where people park on-street and when they leave. It also analyses users’ parking habits and allows them to share parking spots with each other - you can let others know when you are about to leave the spot, so when the parking space becomes available.  Parko puts all these little pieces of information together and it’s algorithm creates a real time parking availability map which is constantly updated.

This technology enables users to find a parking space as quickly as possible. You may describe it as a social community where users both actively and passively share their parking information.

In a statement on the news, Parko’s CEO Tomer Neu-Ner says: “It’s a real technology solution and not some archaic auction system that takes advantage of a public good.” … A quick reference to the current San Francisco – Monkey Parking issues?

Story via Venturebeat.com

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