Wisesight Technologies

About Wisesight Technologies

Wisesight Technologies, founded in 2016, is an AI technology company focused on revolutionizing parking management and enforcement. The company originated from the founders' frustrations with inefficient parking and outdated payment methods. It was established in Jerusalem, Israel, by a team of five optoelectronic engineers with backgrounds in developing sophisticated image processing systems for the defense industry. The founding team includes Akiva Armon as CEO, Reem Rokach as CTO, Erez Rockah as VP of Business Development, and Eliran Cohen as Branding Manager. Armon, for instance, holds a master's degree in physics and electro-optics and was a key engineer on the "Arrow 3" missile project, bringing extensive experience in managing complex technological systems to the company.

Wisesight has developed a smart parking solution that provides real-time monitoring and automates payment and enforcement processes. The firm primarily serves clients such as municipalities, private parking operators, airports, and universities, with customers including LAX, Phoenix Sky Harbor International Airport, and the Pittsburgh Parking Authority. The business model centers on providing a turnkey solution that enhances revenue for these operators by improving operational efficiency, reducing costs, and capturing missed payments through automated enforcement. The company has secured a total of $7.7 million in funding over four rounds, including a $4 million Series A in July 2021.

The core of Wisesight's offering is an AI-powered platform that uses computer vision to monitor parking areas. The system employs a unique "Signature-Based" object tracking technology that analyzes multiple video streams to capture details of a vehicle, including its license plate, color, and unique identifiers like dents or scratches. This data creates a unique ID for each vehicle, allowing it to be tracked throughout a monitored zone, whether it's a surface lot or street-level curbside parking. The platform integrates with enforcement and payment systems to monitor compliance for various parking rules, such as hourly limits or permit zones, and can issue citations automatically via a ticket-by-mail feature. This automated approach allows for centralized, remote enforcement, moving clients away from manual processes. The system also provides data analytics on occupancy, turnover rates, and traffic patterns, helping clients make informed decisions about their parking assets.