Spaceek

Spaceek eliminates the need to search for parking in city centers. The Company developed a unique sensor network which reduces 80% of deployment costs compared to other solutions and delivers real-time parking availability to drivers‘ mobile phones.

136% of funding target

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By: Oren Elzam
Successfully fundedAngel Investment
Investment type:
Equity
Company Stage:
Seed +
Category:
Transportation

Highlights

Highlights

Spaceek eliminates the need to seek parking in Smart Cities. The Company developed a unique IoT sensor network which reduces 80% of deployment costs and delivers real-time parking availability to drivers’ mobile phones. A successful pilot was completed in Kfar Saba, Israel, and the next milestone is other central business districts in Israel... and beyond. Please have a look at our impressive solution as featured on channel 10 in Israel (press CC for English subtitles) https://vimeo.com/135348454

1. Solution - An innovative, accurate, and practical solution to a problem everyone is trying to solve. The solution is special in that it solves all the core issues of other solutions which try to tackle the problem of finding parking in city centers:

  • Saving drivers' time when looking for parking
  • Optimizing parking resources in cities and garages
  • Lowest deployment costs

Spaceek provides an accurate status of all parking spaces in the desired area, and in real time! The data is aggregated in the cloud, analyzed, and displayed to users looking for parking while providing accurate directions until the optimal parking space is found. The developed technology provides a solution at the lowest deployment cost available in the market today, enables fast deployment, and is not dependent on a critical mass of users. 

2.  Execution - In the past few months, the company has been running a pilot in Kfar-Saba city center (Israel) and is working towards expansion in Kfar Saba and additional cities in Israel. The pilot proved to be a success, with more than 30,000 parking events registered. 

3. Market - The parking market is joining the digitalization revolution and attracting venture investments. A techcrunch reports shows that investments in parking technologies reached in 2014:

http://techcrunch.com/2015/02/06/vcs-battle-for-a-spot-in-the-parking-market/

Smart City initiatives are emerging and placing parking technology solutions at the forefront. According to a report by Navigant Research, the market for sensor powered solutions on-street alone is expected to generate $1.5B over the next decade.

4. Team - Our team is built out of passionate people that have many years of experience in developing innovative communication networks and creating mobile applications that served millions of users.   

 

 


Pitch

Pitch

Spaceek solves the problem of finding parking in city centers and private lots.

Our innovative sensor based technology enables us to cover large areas at minimal cost without any special infrastructure. The solution does not require a critical mass of users and enables navigation to public & private parking with smartphone apps. It is based on patent-pending technology which enables quick and easy deployment with the lowest total cost of ownership. The technology enables various advanced services at much lower deployment costs compared to existing solutions. 

Our technology dynamically collects real-time parking data from mobile devices connected to our IoT network enabling the following benefits:

  • Accurately directs drivers to parking in real-time using smartphones with hands-free navigation to the bay.
  • Supplies Smart City parking management, data and insights using advanced per-space parking management.
  • Direct value to drivers from day one (no critical mass needed).
  • Accurate and real-time occupancy data.
  • Advanced data analytics and insights.
  • Lowest total cost of ownership.                                                                                                
  • Easy deployment without a need for special infrastructure nor expert skill.
  • Does not require power sources, wiring and roof tops for signalling systems.
  • Differentiating indoors/outdoors navigation with no need for internet/GPS signals.                
  • Real time regulation information per space enabled by driver micro-positioning.

The company completed a successful pilot in Kfar-Saba (Israel) and is expected to expand further within the City.

 

 

Team

Team

Oren Elzam
CEO
Oren is an expert at bring high-tech projects from idea stage until sales. He has more than 15 year of experience from companies like Atrica & Nokia Siemens Networks where he led various R&D projects. He holds a B.Sc. in Electrical Engineering and an MBA from Tel Aviv University.

  • Founder
  • Director
why Oren Elzam ?
Oren possesses the passion and ability to start technology projects from scratch and bring them to market.

Itamar Meimon
VP Finance
Itamar comes from the risk management background. He holds a B.A. in economics & business from the Hebrew University and a Masters in Finance from London Business School. Itamar studied and lived more than 6 years in the U.K. where he acquired an international experience and network. He has lately worked as a financial analyst at a high tech company in Jerusalem.

  • Founder
  • Chairman of the Board
why Itamar Meimon ?
Itamar is Spaceek‘s financial expert and knows how to generate creative opportunities for the company. He is in charge of the daily operations and investor relations.

Tamir Dali
VP Product
Tamir has more than 13 years of experience leading software development at various hi-tech companies such as Atrica, Nokia Siemens Networks, and Compass-EOS. He holds a B.Sc. in Computer Science from the IDC.

  • Founder
  • Director
why Tamir Dali ?
Tamir is an expert at developing real-time network communications, which is at the core of Spaceek‘s technology.

Eli Israeli
Strategy & Marketing
Eli has more than 40 years in the high-tech industry. He has served in key roles at various companies such as Scitex, Elronet, Applied Materials, HP, and more. Eli holds an M.Sc. in Computer Science from MIT, B.Sc.E.E from Technion, and he is a graduate of Harvard Business School.

  • Advisor
why Eli Israeli ?
Eli has much experience in the high-tech industry at marketing, strategy, and business development roles.

Avi Tal
BizDev
With already one exit behind him, Avi is an experienced entrepreneur in the mobile solutions world with an MBA from Hebrew University.

  • Key Employee
why Avi Tal ?
Avi chooses a target and reaches it! He is the guy that gets things done in the field.

Updates 2

Updates 2

  • Update date: 02/11/2015

    Thank you very much for all those who made it last night to the event. A few more questions which were raised and their answers (in addition to the Q&A we published in our previous update). 

    Is the app available?

    A beta version of the app which is used by a closed group of testers was already released. The app will likely by available to the public in the coming months.

    If a piece of cardboard or another object is placed on the parking spot could the system be fooled into displaying the space is occupied?

    The sensing system will not identify a piece of cardboard as a parked vehicle. The sensor contains a few sensing technologies which prevent mistakes in identifications.

    Could a situation of competition for the same parking spot occur?

    The parking search engine algorithm takes into account many parameters, such as turnover, number of available spaces, and more, and is designed to prevent a situation of competition for a specific parking spot. 

    What if the spot which I was directed to is taken?

    The search engine prepares several alternatives and automatically directs to alternate spaces, without the driver having to reach the original space to find out it was taken.

    What are the funds being raised now going to be used for?The funds will be used to complete the solution and for first large scale deployments in central business districts and parking lots in Israel.

  • Update date: 23/10/2015

    First, thank you for all the feedback and interested parties who have contacted us!

    During the past few weeks, as part of the campaign, we received many questions which repeated themselves, so we thought to share with you our answers in this wider forum:

    - Is your solution and service compatible also for off-street parking garages or only for on-street parking?

    The solution suits on-street parking as well as off-street garages. Actually we are evaluating a commercial launch at a large private operator during these days.

    - Does Spaceek plan to be deployed throughout the City?

    The greatest value to our users as well as the parking owners / the City is in central business districts where time to reach the meeting, event, or leisure activity is critical.

    - What is your business model? Where do the revenues come from?

    Spaceek supplies a Smart Parking system to central business districts, corporates, and Smart City initiatives. The Company’s revenues are generated from selling the system, selling premium parking services to drivers, and selling real time data to navigation and parking payment apps.

    - Besides minimizing costs and having the lowest total cost of ownership, what are your other advantages?

    Besides cost reduction which is critical for widespread adoption of these kind of solutions, our innovative technology provides other advantages such as a smart search engine, real time parking data from the street, precise differentiation between driver communities as well as supporting services in areas without connectivity and GPS.

    - Tell me more about the service, how does it work?

    When drivers reach their destination area, the system identifies this arrival and suggests available parking spots in their vicinity. The system monitors the area in real time and the smart engine offers a few alternatives. The engine makes decisions on the basis of distance from destination, parking areas, occupancy, turnover rate, and driver preferences.

     

     

     

The financing rounds, made through the ExitValley platform, are in accordance with a model of statutory exemption from publishing a prospectus pursuant to sections 15A(A)(1) and 15A(A)(7) of the Israeli Securities Law - 1968.
Under this model, the disclosure of detailed information on the company and information about the investment in each round of financing are limited to not more than 35 investors, who are not qualified investors, and the round of financing is not in the format of an offering arrangement ("רכז הצעה"), as defined in the Securities Law.
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