VEStellaLab

VEStellaLab is a Korean startup addressing the ubiquitous issue of parking with its innovative technology. Founded in 2018, the company's flagship product, Watchmile, offers an indoor parking navigation system leveraging a mix of technologies including closed-circuit televisions (CCTV), IoT-based sensors, smartphone gyro sensors, and Vision AI. This solution enables drivers to effortlessly locate vacant parking spaces, helping to substantially reduce the average 25-minute hunt for parking in major cities, where GPS signals often fail indoors. Moreover, once parked, Watchmile also provides valuable insights such as precise vehicle location, duration of parking, and potential running parking fees, enhancing the overall parking experience. The startup has made significant strides by collaborating with major international airports, convention centers, and city parking systems to streamline parking, thereby saving time, money, and reducing greenhouse gas emissions. The company's recent Series A investment in April 2021, led by Aju IB Investment and Honest Ventures, underscores investor confidence in the potential of VEStellaLab's smart city parking solution.