Wisesight, an Israeli startup that develops advanced technological solutions for managing "smart cities" as well as a solution for the parking shortage problem has raised $4 million in a Series A funding round, the company announced Sunday. The round was led by private investors from Israel and abroad.
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The company is currently in the process of expanding to the United States, Europe, and the United Arab Emirates.
Wisesight's system maps vehicles parked on the street and on parking lots throughout the city and checks whether parking-payment services apps such as Israel's Pango and Cellopark have been activated. The same system applies to other countries' parking payment apps. If an app user has not activated it, the subscriber receives a text message so they can avoid a ticket. The company's vision is a "world without parking tickets" and strives to make Israel the country with the lowest rate of parking tickets per capita.
Co-founder and CEO of Wisesight Akiva Armon said, "This money will allow us to continue to fulfill our dream – a world without parking tickets with fewer traffic jams and air pollution. The goal now is to accelerate our expansion process in Israel and around the world and distribute our product as a PLUG & PLAY product that can be quickly implemented in the field by teams that have undergone simple training on the subject."
