London-based intelligent parking company looking to partner (worldwide) with parking manager/mobile parking applications
London-based startup has developed a cutting edge machine learning algorithm that predicts parking occupancies. The company is offering its services to parking manager or a mobile parking to analyse parking payment data and to generate predictions of future occupancies in order to implement a dynamic pricing system based on yield management. As a result, an optimal use of parking resources will be obtained, together with an increase in revenues.
Technical Specification or Expertise Sought
The company is looking for commercial partners operating in the parking industry to implement the company’s technology to accurately predict parking demand. In order to implement the services offered by the company, the partner will have to provide parking payment data. Specifically, the parking manager or mobile parking application will provide time of arrival and amount paid for parking.
The company is seeking a parking owner or a mobile parking applications to embark in a proof of concept project, with the aim of implementing the company's dynamic pricing system, which in turn is based on the company's predictive algorithm applied to parking payment data. The partner will provide the appropriate parking payment data to the company, which will then use its state of the art algorithm to analyse said data. Each week the company will generate a pricing scheme for the coming week. The partner will then have to implement the recommended pricing fees, the use of which will guarantee an optimised revenue stream. From the success of the proof of concept stage, the company expects to obtain a more long-term work relationship. In order to access the adaptive optimal pricing strategy delivered by the company, the partner will pay a monthly fee which could be either fixed or flexible and connected to the number of drivers using the parking facility. Moving forward, other applications of the algorithm can also be considered, together with other data analysis services.
The London-based startup has developed a Bayesian machine learning algorithm that predicts parking occupancies from payment data. Among the possible applications, these predictions can be used to implement a dynamic pricing system, where fees are chosen taking into account the expected demand. Taking as input as little as two months of past payment data, an accurate prediction of the parking occupancies for the coming week can be achieved. The use of payment data, instead of real time occupancy data, prevents the need for cameras and sensors, which have a high cost of both implementation and maintenance. The company is seeking a parking manager or a mobile parking application willing to share the parking payment information in their possession and implement a dynamic pricing strategy based on the company's predictive algorithm. This does not require any initial investment and the ensuing increase in revenues will cover the company's fee. Dynamic pricing is just one of the possible application of the predictive power of the company's algorithm. Others include: - The predictions themselves can be showcased to drivers to facilitate the planning of their journeys; - Knowledge of future occupancies can also be used to optimise any booking system.
Advantages and innovations
Within the parking sector, the focus, when it comes to data, is currently on the collection of real time occupancies. Several companies have found success in selling cameras and sensors, together with the software needed to provide drivers and parking owners with live information on the state of parking facilities. This practice however is extremely expensive, due to the high cost of implementation and maintenance of the hardware involved. The company's solution does not require any investment and the ensuing increase in revenues will cover the company's fee. The company's yield management approach to pricing will indeed lead to an increase in revenue stream. On the other hand, payment data is readily available and does not require any costly initial investment to gather it. Thanks to the company's predictive algorithm, it is possible to transform this information into accurate estimates of not only live occupancies, but also future ones, allowing for several new applications to be implemented. A key advantage of the company's predictive model is the elimination of extra infrastructure such as cameras and sensors, which ultimately results in a reduction of expenditure as cameras and sensors have a high cost of both implementation and maintenance.
Intellectual Property Rights (IPR)
Register your interest
How it works
- Tell us about yourself
- We’ll discuss with you
- We put the right partners in touch
EEN help you find the right partner, rather than you going it alone.
Our role is to review and collate the most suitable submissions, and then send them to the client who posted the opportunity. We consult with you, and the client, to make the process professional and easy.
These are live opportunities. Your registration of interest on the site is just like a professional approach to a business at a networking event. To stand the best chance of success, make your submission really sing. Sell why the client who posted the opportunity should work with you. Excite them. Ask questions. Try and avoid copy and pasting words from elsewhere.
Once the client has chosen their partner, we'll introduce them over email and keep in touch with both parties to see how it's going. Sometimes things progress quickly. Sometimes because of changing priorities for either party, things progress slowly, but you never know - your next big business break could start right here.
First we need to check you’re human.
Thank you for verifying your email. We have sent you a confirmation email containing a 6 digit verification code to unlock the form below