Click here to close now.

SYS-CON MEDIA Authors: Elizabeth White, Liz McMillan, Carmen Gonzalez, Plutora Blog, Pat Romanski

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
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...
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core...
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective ...
Collecting data in the field and configuring multitudes of unique devices is a time-consuming, labor-intensive process that can stretch IT resources. Horan & Bird [H&B], Australia’s fifth-largest Solar Panel Installer, wanted to automate sensor data collection and monitoring from its solar panels and integrate the data with its business and marketing systems. After data was collected and structured, two major areas needed to be addressed: improving developer workflows and extending access to a b...
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...
Containers Expo Blog covers the world of containers, as this lightweight alternative to virtual machines enables developers to work with identical dev environments and stacks. Containers Expo Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Bookmark Containers Expo Blog ▸ Here Follow new article posts on Twitter at @ContainersExpo
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impac...
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. 8th International Big Data Expo, co-located with 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. As advanced data storage, access and analytics technologies aimed at handling high-volume and/or fast moving data all move center stage, aided by the cloud computing bo...
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is 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...
You use an agile process; your goal is to make your organization more agile. But what about your data infrastructure? The truth is, today's databases are anything but agile - they are effectively static repositories that are cumbersome to work with, difficult to change, and cannot keep pace with application demands. Performance suffers as a result, and it takes far longer than it should to deliver new features and capabilities needed to make your organization competitive. As your application an...
Move from reactive to proactive cloud management in a heterogeneous cloud infrastructure. In his session at 16th Cloud Expo, Manoj Khabe, Innovative Solution-Focused Transformation Leader at Vicom Computer Services, Inc., will show how to replace a help desk-centric approach with an ITIL-based service model and service-centric CMDB that’s tightly integrated with an event and incident management platform. Learn how to expand the scope of operations management to service management. He will al...
Over the years, a variety of methodologies have emerged in order to overcome the challenges related to project constraints. The successful use of each methodology seems highly context-dependent. However, communication seems to be the common denominator of the many challenges that project management methodologies intend to resolve. In this respect, Information and Communication Technologies (ICTs) can be viewed as powerful tools for managing projects. Few research papers have focused on the way...
As the world moves from DevOps to NoOps, application deployment to the cloud ought to become a lot simpler. However, applications have been architected with a much tighter coupling than it needs to be which makes deployment in different environments and migration between them harder. The microservices architecture, which is the basis of many new age distributed systems such as OpenStack, Netflix and so on is at the heart of CloudFoundry – a complete developer-oriented Platform as a Service (PaaS...
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, ...