VestellaLab, a South Korean technology company that operates the Watchmile navigation service, has signed a business agreement with the Ministry of Investment of Saudi Arabia for cooperation in entering the local market. The partnership was announced on March 14th, 2023.
VestellaLab was established in 2018 and is based on technologies such as artificial intelligence (AI) and non-GPS precise positioning technology. The company has developed Watchmile, a navigation service that guides drivers to empty parking spaces in indoor parking facilities. The service uses video and AI convergence technology to identify the real-time parking status and location of empty parking spaces. Users are then guided to the optimal parking spot according to their preferences, reducing the driver’s parking time by more than 70% and reducing fuel consumption and emissions.
In addition to Watchmile, VestellaLab has also developed a V2I (Vehicle to Infrastructure) solution called ZeroCruising. This system provides real-time safety information to autonomous vehicles, supporting accurate vehicle location and movement routes. It immediately informs drivers of potential dangers in blind spots, contributing to the safety of autonomous driving and the safety of pedestrians.
Under the business agreement, VestellaLab plans to build infrastructure for smart parking and smart home businesses in the Middle East, including Saudi Arabia. The company’s goal is to attract local investment. Currently, Watchmile is being used at Incheon International Airport, Seoul Station parking lot, Cheonho Station public parking lot, KINTEX, large shopping malls, large-scale apartment residential facilities in Hoban Construction, and various knowledge industry centers.
This partnership was concluded under the leadership of the Ministry of SMEs and Startups and the Seoul Investment Agency, which support domestic companies’ entry into the Middle East and attracting global capital. VestellaLab hopes that this partnership will help them expand their services and reach a wider audience in the Middle East.
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