Softbank invests $1bn in Miami-based startup ParkJockey
Japan’s SoftBank Group announced this week that it is leading a large investment in parking app startup ParkJockey. According to Axios, one source has estimated the investment at US$1bn, while another valued the deal at $800,000.
ParkJockey was founded in 2013 and is based in Miami, Florida. The company provides an SaaS platform that helps optimize efficiency when parking in urban environments by operating as a reservation system that takes into account parking spaces in garages, lots and valet operations, according to Parking Network.
SoftBank’s investment is large, considering ParkJockey is a mid-stage startup with 50 employees and fewer than 3,000 app downloads per month. The Hustle reports that “it’s a confusingly large investment in a company that currently operates in 4 cities. But for SoftBank, it opens up parking spots for its other American investments: ride-sharing giants and self-driving car companies.”
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After establishing its own digital parking operation in Japan, SoftBank - which invests heavily in US ride sharing and self-driving car companies - is giving ParkJockey the funds to absorb several large-scale, low-tech parking operations. According to the Hustle, SoftBank’s investment will fund ParkJockey’s purchase of “Impark (which operates 3.6k parking facilities in 330 cities) and Lanier (which operates at least 1.1k facilities in 20+ cities)”, providing a US base for the small tech company beyond its operations in Miami, Chicago, New York, and San Francisco (as well as the UK).
According to Axios, “ParkJockey's ambition is to displace garage operators by selling a technology-based alternative to the garage owners, according to a pitch deck from March. It then wants to sell space access to customers like ride-hail and car rental companies.”
Intelliwave SiteSense boosts APTIM material tracking
“We’ve been engaged with the APTIM team since early 2019 providing SiteSense, our mobile construction SaaS solution, for their maintenance and construction projects, allowing them to track materials and equipment, and manage inventory.
We have been working with the APTIM team to standardize material tracking processes and procedures, ultimately with the goal of reducing the amount of time spent looking for materials. Industry studies show that better management of materials can lead to a 16% increase in craft labour productivity.
Everyone knows construction is one of the oldest industries but it’s one of the least tech driven comparatively. About 95% of Engineering and Construction data captured goes unused, 13% of working hours are spent looking for data and around 30% of companies have applications that don’t integrate.
With APTIM, we’re looking at early risk detection, through predictive analysis and forecasting of material constraints, integrating with the ecosystem of software platforms and reporting on real-time data with a ‘field-first’ focus – through initiatives like the Digital Foreman. The APTIM team has seen great wins in the field, utilising bar-code technology, to check in thousands of material items quickly compared to manual methods.
There are three key areas when it comes to successful Materials Management in the software sector – culture, technology, and vendor engagement.
Given the state of world affairs, access to data needs to be off site via the cloud to support remote working conditions, providing a ‘single source of truth’ accessed by many parties; the tech sector is always growing, so companies need faster and more reliable access to this cloud data; digital supply chain initiatives engage vendors a lot earlier in the process to drive collaboration and to engage with their clients, which gives more assurance as there is more emphasis on automating data capture.
It’s been a challenging period with the pandemic, particularly for the supply chain. Look what happened in the Suez Canal – things can suddenly impact material costs and availability, and you really have to be more efficient to survive and succeed. Virtual system access can solve some issues and you need to look at data access in a wider net.
Solving problems comes down to better visibility, and proactively solving issues with vendors and enabling construction teams to execute their work. The biggest cause of delays is not being able to provide teams with what they need.
On average 2% of materials are lost or re-ordered, which only factors in the material cost, what is not captured is the duplicated effort of procurement, vendor and shipping costs, all of which have an environmental impact.
As things start to stabilise, APTIM continues to utilize SiteSense to boost efficiencies and solve productivity issues proactively. Integrating with 3D/4D modelling is just the precipice of what we can do. Access to data can help you firm up bids to win work, to make better cost estimates, and AI and ML are the next phase, providing an eco-system of tools.
A key focus for Intelliwave and APTIM is to increase the availability of data, whether it’s creating a data warehouse for visualisations or increasing integrations to provide additional value. We want to move to a more of an enterprise usage phase – up to now it’s been project based – so more people can access data in real time.