Wemolo’s parking space management solution is based on image recognition technology with artificial intelligence. This allows the startup to automate the processing and billing of parking transactions in paid and unpaid parking spaces. The use of license plate scanners complies with the General Data Protection Regulation and is designed to make traditional parking systems with barriers, parking tickets, and attendants obsolete.
Founded in 2019, the company now employs more than 230 employees in Munich as well as in five additional European locations. According to Wemolo, more than 2,500 parking garages now use its solution, which processes over two million parking transactions daily. The startup’s customer portfolio includes food retailers, parking garage operators, real estate companies, shopping centers, and cities.
CIBC Innovation Banking is now also convinced of Wemolo’s solution. The Canadian bank is providing the Munich startup with an undisclosed amount.
Yukio Iwamoto, founder and CEO of Wemolo, comments:
“I am delighted to announce that Wemolo has successfully completed a significant funding round with Canadian bank CIBC. This milestone is a testament to the achievements of our remarkable team. Our continued success demonstrates the immense potential and future viability of digital parking solutions. We are determined to continue driving our growth and will tirelessly invest in the innovation and development of our products to expand our offering and better serve our partners. Together, we are shaping a future where parking is seamless, digital, and sustainable.”
Charlotte Goggin, director at CIBC Innovation Banking, says:
“We are pleased to be able to support Wemolo in its growth and expansion across Europe. Wemolo offers a truly innovative solution for retailers, property owners, and cities that provides a simple and cost-effective way to manage their parking spaces.”
