VolkerWessels invests in Swiss AI-tech company Parquery
VolkerWessels is treading the path of artificial intelligence (AI) by investing in Parquery, a Swiss company specialising in AI technology. Hyrde, the IoT company of VolkerWessels Telecom, has already successfully collaborated with Parquery over the past three years. Hyrde has implemented Parquery's computer vision technology in various solutions, such as applications used for airport security and traffic flow. The investment in the pioneering AI company fits with VolkerWessels' desire to adopt more new technologies that give it a digital edge.
The investment helps Parquery to further expand its platform with smart city solutions, based on AI and computer vision technology. Parquery's existing parking solution will then be expanded to include:
- an object detection technology for security-related applications;
- person and object detection technology for construction site workers;
- a person and vehicle detection solution to analyse traffic and monitor traffic flows;
- an image analysis solution that supports the use of ground radars for civil works.
Recently, Parquery welcomed Wido van de Mast, CEO of VolkerWessels Telecom, to its board. "As an organisation that deals with digital infrastructure day in and day out, VolkerWessels Telecom is open to new technologies. We also understand the value of growing an innovative and unique company like Parquery. Our ambition extends beyond our current capabilities. By choosing new technologies, we are investing in the future of our organisation."
"We are very pleased to have the support of a solid and reputable group like VolkerWessels. With the support both commercially and financially, we can broaden our operational scope. We plan to expand our smart parking solution with a number of new products. This will allow us to make even better use of our expertise in deep learning and computer vision and our experience in the smart city domain," says Andrea Fossati, CEO of Parquery.
About Parquery
Parquery is a Swiss AI company, founded in 2014 as a start-up and spin-off from the Technical University in Zurich. The company specialises in computer vision and artificial intelligence. By now, Parquery has successfully rolled out more than 80 projects in over 30 countries. Parquery's technology can be integrated into any smart city platform to detect traffic flows and assets, among other things.