Parquery’s smart parking system uses innovative AI algorithms to analyse images taken by already-installed cameras in parking areas and provide real-time results to customers in the smart city and smart mobility sectors. By providing real-time information, Parquery enables car park managers to learn more about their car park occupancy for better optimisation and to increase profits. Likewise, city-administrators use the solution to provide their residents with better parking alternatives for an improved quality of life.
Satisfied clients at home and abroad
According to Andrea Fossati, CEO and Co-founder of Parquery, the company attributes its success to the close collaborations it establishes with local partners to provide tailor-made solutions. Since incorporation in 2014, the ETH Zürich spin-off has thence thrived not only in Switzerland but also abroad. In its home country, Parquery serves 12 clients, including car park providers, cities such as the Cities of Vevey and Montreux, retail shops, among others. Most recently, Parquery launched a pilot project with SBB: the Swiss national railway company in Rapperswil with an automatic system composed of six inexpensive standard cameras powered by solar panels. Overall, the start-up is active in 32 countries, including the USA, India and UAE.
As part of its next strategic steps, the company plans to expand to further regions and in other areas within the smart mobility sector. For example, two scenarios that Parquery has started working on are the analysis of construction sites and the detection of pedestrians including a possible violation of social distancing rules. All these applications rely on the strong expertise of the team in computer vision, and a robust pipeline, which only needs low-resolution images from standard cameras. The company also plans to expand its team and to launch a new website targeted to its resellers and end-customers.
Parquery’s forthcoming plans will be funded and supported by a strategic investor from the Netherlands – the startup is still finalising the process. The new investment comes after the conclusion of the seed round in 2017.
Innosuisse and coaching
Since its genesis, Parquery has significantly benefited from the support of Innosuisse. As a participant in the Innosuisse coaching program, the company had access to experienced coaches that supported the team address their challenges. Parquery received a coaching voucher with which it selected a dedicated coach who supported and guided the company throughout its development. As revealed by Andrea, Parquery has a team of eight employees who are mainly AI engineers. Hence, working with coaches enabled the team to gain business expertise in management and sales as well as legal aspects.
As a beneficiary of the Innosuisse program, the team had the opportunity to travel to San Francisco to work with the Swissnex team. “This trip was a mind opener for us, particularly, because we could exchange with investors and peers who taught us about thinking big”, reflects Andrea.
Parquery received the Innosuisse certificate following the completion of the Innosuisse coaching program. It certifies a company that is ready for sustainable growth. Andrea asserts that this achievement demonstrates the company’s readiness to scale-up.