Free parking spaces thanks to Big Data: YOU IS NOW Munich takes on startup Parknav from Chicago

Munich, 29 January 2014 – YOU IS NOW, the Munich-based startup incubator of the Scout24 portals, has taken on a new company in the form of Parknav, whose free app makes it easier to locate parking spaces in cities. Successful pilot trials of the app, which is based on various data sources, are currently underway in Chicago and Munich.

Data deliver probability of finding a parking space
The objective of Parknav is to significantly reduce the time spent searching for parking spaces in cities, thereby saving energy and money. Available for iPhone and Android, the service is based on forecasts, statistics and real-time data. The app uses this data to calculate the probability of finding a parking space in specific streets. The searching user can choose between the criteria of free parking, parking with a paid ticket or parking with a permit. A fully functional navigation system and subsidized parking spaces in Chicago were added to the app in recent months.

Proof of Concept with 25,000 users in Chicago and Munich
The service is currently only available in the pilot cities of Chicago and Munich. The number of users in these cities has meanwhile exceeded the 25,000 mark and proves that the service works.

Rebranding and Expansion
Previously known by the name of Faspark, the service has been renamed Parknav ahead of the planned expansion. The financing provided by YOU IS NOW will now accelerate product development and help establish the service in other cities in the USA and Germany.

Founder is US Professor for Artificial Intelligence
Founder Eyal Amir originally hails from Tel Aviv. He is a graduate of Stanford University and a professor at the University of Illinois at Urbana-Champaign. The idea of a solution based on various data sources came to him during his often frustrating and time-wasting searches for a parking space in Chicago. His own research results in the fields of artificial intelligence and machine-based learning showed him that Big Data could provide an effective solution to the everyday problem. As a result, Amir founded Faspark (now Parknav) together with Argonne and UBS graduate Sergei Kozyrenko.

"We are pleased that our startup incubator YOU IS NOW in Munich has successfully managed to convince Parknav, an experienced international team with a globally scalable application. Given the resources and network of the Scout24 Group, we will be able to provide Parknav with precisely the support they need to improve the application and take the next steps towards the international expansion of their technology", says Stefan Lemper, head of the YOU IS NOW incubator of the Scout24 Group in Munich.

"We are very grateful for the fantastic support we are receiving from Scout24", says Eyal Amir, CEO of Parknav. The investment by Scout24 will help us develop a comprehensive solution for drivers who want to save time when searching for parking spaces in cities."

Parknav is available for Apple and Android devices. Further background information on the cooperation between YOU IS NOW and Parknav is available from the Scout24 Corporate Blog.

About Scout24
Scout24 is one of Europe's leading groups of companies for online market places. The six marketplaces of the Scout24 Group - ImmobilienScout24, AutoScout24, FriendScout24, FinanceScout24, JobScout24 and TravelScout24 - are present in 22 countries. As a strong partner, Scout supports its customers in important decisions, in particular in the fields of housing, mobility, partnership and finance. Every month, around 14 million Internet users place their confidence in the services provided by the Scout24 Group, which is a part of the Deutsche Telekom Group. Further information is available under www.scout24.com.

About YOU IS NOW
YOU IS NOW is the incubator of the Scout24 portals and has sites in Munich and Berlin. Scout 24 group supports start-ups and company founders within the scope of YOU IS NOW with financing of up to EUR 500,000 as well as with the know-how, resources and reach of one of Europe's leading group of companies for online market places. Participants are granted access to the entire Scout24 network and benefit from clearly defined packages containing the expertise of Scout24 in the fields of marketing and scaling as well as in development, HR and other corporate functions. Further information is available under www.youisnow.com.

About Parknav
Parknav was jointly founded by Stanford University graduate and professor at the University of Illinois at Urbana-Champaign, Eyal Amir, and Argonne and UBS graduate Sergei Kozyrenko, initially under the name faspark. Since the launch of the mobile app version in 2011 the number of users in the pilot cities of Chicago and Munich has grown to more than 25,000. Parknav intends to expand its solution for parking space searches to all major cities in Europe and the USA.


Press contact Scout24

Jan-Paul Schmidt
Manager Corporate Communications & PR
Dingolfinger Str. 1-15
81673 Munich
Tel +49 89 44456 3135
presse@scout24.com