Fresh investment for smart city solutions

Parquery has been collaborating with Dutch-based VolkerWessels for over three years. The company is further investing in the startup enabling it to accelerate its plans for growth and expand the platform.

Parquery is an ETH Zurich spinoff focused on smart city solutions. Its technology based on computer vision and AI can be integrated into any smart city platform to display in real-time if parking spots are available, if people comply with social distancing rules or if suspicious objects are detected in public places.

Last year, the VolkerWessels Group, a diversified construction group, invested in Parquery to expand its interest in the world of AI and IoT platforms. VolkerWessels has over 120 local operating companies in the countries it operates, including VolkerWessels Telecom and Hyrde. Parquery has been collaborating with Hyrde for the past three years supplying it with its advanced computer vision technology, which has already been implemented in smart airport security applications and smart city mobility projects.

VolkerWessels is again investing in Parquery, providing the startup with the resources to implement revenue growth measures to increase its parking sales activities. The funding will also help to expand its platform and offer a wider range of smart city solutions, based on artificial intelligence and computer vision to complement the parking solution. 

In line with the investment, Wido van de Mast, CEO of VolkerWessels Telecom, will join the board of Parquery. “We are delighted to have raised the interest of a solid and reputable group such as VolkerWessels. Their support, both on the commercial and financial hand, will certainly broaden our operational scope. We plan to add a few vertical solutions on top of our flagship smart parking software to leverage our expertise in deep learning and computer vision and our experience in the smart city domain, “says Andrea Fossati, CEO of Parquery.

The startup is planning to introduce the following features: object detection technology for security-related applications; people and object detection technology, which will support construction site managers; a people and vehicle detection solution for traffic analysis and flow monitoring; and an image analysis solution which can complement the use of ground-penetrating radars for civil works operations.

(Press release / RAN)