ParkTAG, a Berlin, Germany-based provider of an app that finds free parking spaces, received € 500k in seed funding.
High-Tech Gründerfonds made the investment.
The company intends to use the funds to accelerate the development of its Realtime Big Data System required to solve the street parking issue.
Founded by Silvan C. Rath, ParkTAG has developed an app that allows municipalities, mobility services and app publishers to detect free parking spots.
Built-in smartphone sensors are capable of measuring soon-to-be-vacated parking spots even before the car departs. All of the data analysis takes place on the device itself. Exchanges between departing and arriving drivers result in a handover which is incentivized through a reward system.
Free parking spots are marked on the map and commercial parking options are equally displayed.
The app, which also helps drivers find their car again and reminds of expiring parking meters, is free for iOS and Android.