Wemolo funding news – German-baesd Wemolo Secures Debt Financing

The computer vision-based parking management system from Wemolo automates the processing and billing of parking events in both paid and unpaid parking lots. Licence plate scanners that comply with GDPR replace antiquated parking systems that involve barriers, parking citations, and cops.

Read also - Gaussion funding news – London-based Gaussion Raises $12 Million in Series A Round Funding

It also makes sure that parking spots are used effectively. The system provides comprehensive insights into parking space key performance indicators, including occupancy, peak usage, and usage patterns.

Dr. Yukio Iwamoto, Founder & CEO at Wemolo said: “I am thrilled to announce that Wemolo has successfully secured a significant debt growth funding round with the Canadian bank CIBC. This milestone is a testament to the achievements of our remarkable team. Our continued success demonstrates the immense potential and future viability of digital parking solutions. Together, we are shaping a future where parking is seamless, digital, and sustainable.”

Charlotte Goggin, Director at CIBC Innovation Banking said: “We are pleased to be supporting Wemolo as it grows and expands across Europe. Wemolo offers a truly innovative solution for retailers, real estate owners and cities, providing an easy and cost effective way to manage their parking lots.”

About Wemolo

Wemolo is reshaping digital parking for the future with its AI-powered license plate recognition technology. Their two solutions, management and monitoring, maximise administration and usage, allowing for the effective utilisation of parking spaces. It has changed parking on more than 2.000 residences since 2019. In their six European offices, almost 200 staff work tirelessly every day to make frictionless parking possible.