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ParkZen, an AI-powered parking software company co-founded by LSU Associate Professor Manos Chatzopoulos, has been acquired by Texas-based Parking Guiding Systems Inc., or PGS.
Developed within the LSU ecosystem, ParkZen provides real-time parking intelligence through a standalone smartphone app or via API integration. The company was self-funded by its management team and individual investors.
PGS, which uses INDECT’s ultrasonic and optical sensor technology, delivers customized parking guidance systems for a wide range of industries. The acquisition was backed by capital from PGS employees and board members.
Prior to the acquisition, the two companies had collaborated on a suite of integrated software solutions, combining ParkZen’s app and AI-driven management platform with INDECT sensors to deliver real-time availability data and predictive analytics aimed at improving operational efficiency.
“This acquisition provides a substantial installed base of PGS and INDECT customers to whom we can offer our innovative software,” Chatzopoulos says in a prepared statement. “Furthermore, by becoming part of the PGS family, we expect to accelerate the customer feedback loop, allowing customer insights to flow directly into our product development for faster implementation of user-driven enhancements to our intelligent platform.”
ParkZen’s app uses proprietary algorithms and crowdsourced data to estimate real-time parking availability in geofenced lots. The platform also includes payment processing and advanced permission tools for property owners and permit holders.
The company’s website lists three employees and four advisors.
ParkZen claimed a $100,000 investment prize after winning Nexus Louisiana’s High-Stakes Pitch Competition during Baton Rouge Entrepreneurship Week in 2022. Innovation Catalyst and members of Red Stick Angels put up the convertible note investment for the winner.
Editor’s Note: This article has been updated since its original publication.
