Spaceek
By: Oren Elzam
Funded
 
$272,000
Raised so far
 
0
Days to go
15 days extension is activated
   
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.

Category: Technology Type: Equity Campaign Stage: Seed +

Disclaimer
The investment in the company shall be allowed only to the number of investors in accordance with applicable law and in accordance with a predetermined process. Accordingly, detailed information in connection with the investment shall be revealed only to a limited number of investors as provided by law.
Campaign 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 more than $75M in 2014 alone:

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.   

 

 

The Idea

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.

 

 

The Market

The Opportunity

  • 30% of cars in urban areas are searching for parking
  • It often takes 20 minutes or more to find parking
  • Typical driver spends 106 days of their life searching for parking
  • Existing solutions are either too expensive or don’t supply accurate information 

 

Growth Potential

Today, there are 1.2 billion cars in the world. By 2035, the number is predicted to increase to 2 billion cars worldwide. In 2014, 54% of the world’s population has been living in cities and this urbanization is expected to grow in the future. But we don’t have to go that far to realize the rising need of parking spaces.

In order to sustain the challenges of urban population growth and improve city life, various solutions of shared economy are emerging: shared apartments, car-sharing, and also shared parking spaces. These platforms have significant growth potential.   

 

Smart Parking Technologies 

The parking market is joining the digitalization revolution and attracting venture investments. Venture investments in parking technologies reached more than $75M in 2014 alone.

Navigant Research said it expected the total number of sensor-powered on-street smart parking spaces that can detect when a vehicle is present will grow over $1.5 billion over the next decade as these systems move from a niche technology to regular features of urban streets.

 

Exit Strategy

Spaceek is built in a way which will enable growth in field deployments and therefore a business model with significant revenues. After proving the model in Israel, the Company will expand its operations and replicate the model in other cities abroad. 

Exit opportunities are:

- Merger / Acquisition 

- IPO 

The opportunity exists for a merger or acquisition by one of the main companies in the Smart City sector - if one of these will make an attractive offer. Relevant companies include Cisco, IBM, Siemens, Xerox, and also Google.

Use of Proceeds

Spaceek is raising $200K with an option to raise another $100K. The funds will be used to finance the operations of the Company until the end of the first half of 2016. During this time, the Company operations will expand to large cities in Israel and preparations will be made for expansion abroad. 

The funds will be used for:                                                                                                                             

- Research & Development 
- Sales & Marketing
- Operations
- Expansion and penetration into new markets

Expenses distribution until the end of the first half of 2016:

* The budget is subject to change according to opportunities from new markets

Oren Elzam
CEO
 
Biography
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
 
Biography
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
 
Biography
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
 
Biography
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
 
Biography
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.

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