Parquery announces first close of seed financing

Parquery, an ETH Zurich spinoff, announces the first close of its seed financing round. The new shareholders are experienced industrial angel investors and a strategic investor.

Parquery is applying vision analytics for smart mobility and smart parking solutions. The company will use proceeds from this round to expand business development and sales activities, and has already deployed funds to secure two key hires.

Patrik Zumstein has joined Parquery as Head of Business Strategy and Development. Zumstein, who was previously Head of Smart Mobility at Swisscom, brings more than 20 years of industry experience, and will coordinate business development across Europe and expand adoption of Parquery's solutions to other verticals in response to increased customer demand.

Parquery has also hired Dr. Satya-Lekh Proag to identify and develop new use cases for Smart Mobility and Smart City applications. As an engineer and economist specialized in mobility, Satya’s experience in urban planning and decision-making in Paris will provide Parquery with valuable insights on customers’ needs, markets and niches in Europe and abroad. Expanding Parquery’s unique technology across smart mobility, traffic, crowd and also freight management will help Parquery in becoming the leader in data provision to mobility operators and local authorities via computer vision.

Andrea Fossati, CEO of Parquery stated, "We are delighted to have Patrik and Satya join Parquery to help us capture the market opportunity and drive new business."

About Parquery: Parquery is a technology spin-off from the Computer Vision Laboratory of ETH Zurich. Its Smart City solution harnesses the team’s expertise in computer vision and machine learning. Parquery has successfully deployed several smart parking projects, including the largest camera-based project worldwide in Locarno, Switzerland in 2015.