Rekor Announces Venture To Launch Smart Permit and Parking Management Startup
June 01 2020 - 8:51AM
Business Wire
ROKER combines blockchain and license plate
recognition technologies to modernize permitting and citation
processes
Rekor Systems, Inc. (NASDAQ:REKR) ("Rekor"), a Maryland-based
company providing real-time roadway intelligence through AI-driven
decisions, and Cygnet Infotech, a premier product engineering and
application development services firm along with affiliates of
Cygnet, today announced the launch of a standalone company, to be
named ROKER (pronounced “rock-er”), to automate parking enforcement
and enable higher revenue recovery for both public safety
institutions and private businesses alike. Rekor and Cygnet are
each contributing their respective technology stacks in exchange
for equity in ROKER, with Rekor receiving 50% of the venture.
The companies joined forces to develop and launch ROKER, a new
approach that provides an end-to-end solution for simplified
parking permitting, electronic citation management and parking
enforcement for consumers, businesses and government. The solution
is enabled by Rekor Systems’ vehicle recognition solutions and
Cygnet’s blockchain and engineering solutions. Sachin Bedi, CEO of
Cygnet Infotech, will transition to ROKER and serve as its CEO.
ROKER will immediately begin raising a Series A round of
funding, with the advisement of Cooley LLP, who also helped them
finalize formation in mid-May. Cooley advises 6,000+ innovative,
high-growth companies from pre-formation founder teams to many of
the most sophisticated tech companies in the world.
“In recent years, the smart parking market hovered around a $5
billion valuation -- by 2025, that’s anticipated to more than
double,” said Sachin Bedi. “We are excited to bring Rekor and
Cygnet Infotech technology to this space, launch a new company to
meet the needs in these markets, and accelerate our growth. We are
already on the fast track to a successful final product.”
ROKER will be a hardware-agnostic solution, leveraging
proprietary intellectual property from both contributing companies.
ROKER creates an ecosystem for smart parking that will converge
with smart city initiatives across the globe. The solution will
modernize existing processes, allowing for increased compliance and
efficiencies while decreasing overhead costs associated with
parking enforcement and citation management.
ROKER will automatically generate and enforce smart permits,
integrating with back end citation management systems and
leveraging images from most existing IP camera security systems to
identify registered license plates.
“ROKER will change how we manage parking enforcement across the
board, making it easier for institutions to close revenue gaps and
maximize staff resources. With this solution individuals,
government institutions and private businesses will be able to
digitize any number of parking spots and enforce that parking
through smart permitting, citations and towing. Rekor’s nexus to
Cygnet developed through both companies working together on IP360,
Rekor’s citation management platform, which launched successfully
in 2019 operating in the United States and internationally. Cygnet
is the ideal partner in continuing the development of ROKER,” said
Robert A. Berman, President and CEO of Rekor.
Powered by blockchain technology, the system can enable digital
contracts for parking permits, accept payments and provide
transaction traceability. ROKER maintains CJIS compliance, an FBI
standard for data security and encryption for criminal justice and
law enforcement professionals at all levels of government.
To learn more about ROKER, please visit www.rokerinc.com
About Rekor Systems, Inc.
Rekor (Nasdaq: REKR) is a Maryland-based company providing
real-time roadway intelligence through AI-driven decisions. Rekor
bridges commercial and government sectors with actionable,
real-time vehicle recognition data to enable informed decisions
faster, and with greater outcomes. Rekor is transforming industries
like Public Safety, Customer Experience, and Smart Cities in more
than 70 countries across the globe with smarter, quicker,
cost-competitive vehicle recognition solutions for security,
revenue discovery and recovery, public safety, electronic toll
collection, brand loyalty, parking operations, logistics, and
traffic management. We use the power of artificial intelligence to
analyze video streams and transform them into AI-driven decisions
by our clients. Our machine learning software can turn most IP
cameras into highly accurate and affordable vehicle recognition
devices used to help protect lives, increase brand loyalty, and
enhance operations and logistics, without the need to install
expensive new infrastructure. We make what was once considered
impossible, possible. To learn more please visit our website:
https://rekor.ai.
About Cygnet Infotech
Cygnet Infotech is a leading tech powerhouse that focuses on
delivering high value IT Services, Products and Emerging Technology
Solutions including state of art products based on Blockchain,
Artificial Intelligence, IoT and Cloud. Cygnet Infotech is a
trusted Global Technology Company with over 20 years of experience
in providing innovative Technology Solutions and Services to its
clients across 35 countries globally. To learn more please visit
our website: www.cygnet-infotech.com
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version on businesswire.com: https://www.businesswire.com/news/home/20200601005460/en/
Media: Emily Burdeshaw REQ For Rekor Systems rekor@req.co
Investors: Charles Degliomini Rekor Systems, Inc.
ir@rekor.ai
Sachin Bedin Cygnet Infotech and ROKER
sachin@cygnetinfotech.com
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