SYS-CON MEDIA Authors: Adine Deford, Cynthia Dunlop, Harry Trott, Xenia von Wedel, Peter Silva

News Feed Item

Pango™ Closes $6.5 Million Financing Round

New funding fuels rapid market growth and new R&D innovation

NEW YORK, Feb. 27, 2014 /PRNewswire/ -- Pango Mobile Parking, Ltd, the leading mobile parking payment company with headquarters in Kadima, Israel and New York City, New York, announced today that it has closed an investment round which will provide the company with up to $6.5 million in new funding.  Bearing Capital Ltd. and existing shareholders led the round.  Proceeds from the round will be used to fund rapid growth and the development of next-generation smart parking applications. 

"We have witnessed how use of the Pango platform changes the parking experience of drivers in a meaningful way and are excited to join Pango as we roll out this platform on a broad scale" said Mark Fischer, CEO of Bearing Capital. "We understand that the parking industry and consumers alike are ripe for change to implement new and more convenient parking payment systems. We are thrilled to be part of the Pango solution which offers unprecedented technological innovations that are first and foremost consumer focused. "

Pango recently launched their service offers in Alexandria, Virginia and Scranton, Pennsylvania with on-street/municipal cellular parking services and in New York City in private garages.  Additionally, Pango offers parking garage locator services, valet parking, and location-based coupons.

"Cities and private parking operators are adopting the Pango Platform at light speed because they see the tangible results provided by the service: consumer convenience, increased revenues, reduced costs, and real time parking information," said Neil Edwards, President of Pango. "The Bearing Capital investment along with the continued support of our existing shareholders provides the resources required to facilitate an expedited expansion platform across North America."

Pango's technology was invented in 1996 and that same year received international patents including U.S. patent number 5,940,481.   Pango's technology launched across Israel in 2007 and currently boasts over 800,000 users recording over 2 million monthly parking transactions. The Company's technology is currently licensed and in use in the Israeli market, the Czech Republic, Germany, Greece, and Poland.   The investment will be used to further the development of our innovative mobile parking application introducing new features using cutting-edge technology.

Zion Harel, CEO of Pango Mobile Parking Ltd., said,  "We welcome Bearing Capital to the Pango family and together with our current investors Pango will continue to lead the technological revolution in the parking market by offering unprecedented convenience to consumers and tangible benefits to municipalities and parking garage operators.  We are keenly focused on changing the current dynamics of the parking landscape, one driver at a time." 

About Pango Mobile Parking: Pango is the world's first smart parking app provider offering mobile and location based services.  Its offerings include mobile payments for on-street parking, gated parking, valet, and fleet parking. Pango offers real time enforcement and traffic analytics. The Pango system also integrates location-based coupons into the app.    It is in use in 47 cities worldwide, serving more than 800,000 active accounts, and processing approximately 2 million transactions monthly. Invented in 1996, Pango received patents (US Patent No. 5,940,481) for this first-of-its-kind technology in the United States, China, Hong-Kong and Israel; it has been in use since 2006. For more information on how to bring PangoUSA to your city, please visit PangoUSA.com or contact by email [email protected].

About Bearing Capital: Bearing Capital is private investment firm dedicated to investing in innovative consumer-focused companies.  Bearing is committed to partnering with exceptional entrepreneurs working to address key market needs. Bearing's management team brings a wealth of experience to work with our portfolio companies in providing strategic, operational and financial advisory to drive growth.

Contact: Mimi Richman, 212-580-0835, [email protected]

SOURCE Pango Mobile Parking, Ltd

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
"We help companies that are using a lot of Software as a Service. We help companies manage and gain visibility into what people are using inside the company and decide to secure them or use standards to lock down or to embrace the adoption of SaaS inside the company," explained Scott Kriz, Co-founder and CEO of Bitium, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
15th Cloud Expo, which took place Nov. 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, expanded the conference content of @ThingsExpo, Big Data Expo, and DevOps Summit to include two developer events. IBM held a Bluemix Developer Playground on November 5 and ElasticBox held a Hackathon on November 6. Both events took place on the expo floor. The Bluemix Developer Playground, for developers of all levels, highlighted the ease of use of Bluemix, its services and functionalit...
Some developers believe that monitoring is a function of the operations team. Some operations teams firmly believe that monitoring the systems they maintain is sufficient to run the business successfully. Most of them are wrong. The complexity of today's applications have gone far and beyond the capabilities of "traditional" system-level monitoring tools and approaches and requires much broader knowledge of business and applications as a whole. The goal of DevOps is to connect all aspects of app...
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
Want to enable self-service provisioning of application environments in minutes that mirror production? Can you automatically provide rich data with code-level detail back to the developers when issues occur in production? In his session at DevOps Summit, David Tesar, Microsoft Technical Evangelist on Microsoft Azure and DevOps, will discuss how to accomplish this and more utilizing technologies such as Microsoft Azure, Visual Studio online, and Application Insights in this demo-heavy session.
When an enterprise builds a hybrid IaaS cloud connecting its data center to one or more public clouds, security is often a major topic along with the other challenges involved. Security is closely intertwined with the networking choices made for the hybrid cloud. Traditional networking approaches for building a hybrid cloud try to kludge together the enterprise infrastructure with the public cloud. Consequently this approach requires risky, deep "surgery" including changes to firewalls, subnets...
DevOps is all about agility. However, you don't want to be on a high-speed bus to nowhere. The right DevOps approach controls velocity with a tight feedback loop that not only consists of operational data but also incorporates business context. With a business context in the decision making, the right business priorities are incorporated, which results in a higher value creation. In his session at DevOps Summit, Todd Rader, Solutions Architect at AppDynamics, discussed key monitoring techniques...
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water,...
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, a...
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happe...
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and asse...
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!