For the development of the solution, the company received nearly 137 thousand euros in funding through the AI solution development promotion measure of the Innovation Agency.
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A new approach to parking management
“Parksol Technologies” has been developing parking lot management systems – from ultrasonic sensors to license plate recognition technologies – since 2020. Currently, the uniqueness of the smart parking cameras developed by the company with integrated AI is that the system calculations take place directly on the device, not on remote servers or in the cloud.
“This is the so-called edge AI or edge computing technology. It allows processing the video transmitted by hundreds of cameras without the expensive servers, powerful computers, and complex cable networks required by conventional systems. Our camera instantly detects free parking spaces, directs car flows, recognizes license plates, and reports violations. The application of edge AI ensures faster operation of the parking system, greater data security, and drastically reduces energy and equipment costs,” says Arūnas Marma, head of “Parksol Technologies.”
According to A. Marma, the AI-based smart camera not only increases efficiency but also helps ensure safety. The algorithm can recognize and warn about atypical situations or threats – for example, smoke, fire, suspicious objects, or gatherings of people. Such functionalities can be especially relevant in electric vehicle parking and charging areas, where fire safety risks are higher.
“Currently, the solution is in an active development stage. We have created the technical base, and the nearly 137 thousand euros in funding will allow us to adapt the product for the market. We plan for it to be ready for mass production and market introduction in 2027,” says A. Marma.
Funding provided an important boost
According to the head of “Parksol Technologies,” the received financial support is a very important boost for the company because developing AI solutions requires significant investments in highly qualified specialists, scientific research, and expensive high-performance computing (HPC) infrastructure for algorithm development.
“The received funding reduces the company’s financial risk and allows us to focus resources faster so that the Lithuanian product can successfully compete globally. We already have a wide range of international clients in Europe, the Middle East, and North America – from Finland to the UAE and the USA. The new solution will not only expand the range of products offered to our existing partners but also open doors to completely new markets,” A. Marma is convinced.
AI solutions are born not only in Silicon Valley
According to A. Marma, AI is fundamentally changing the parking and smart city solutions market. The company aims to exploit the emerging opportunities.
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“Today, parking is becoming a matter of smart traffic flow management, which AI helps to solve. In the future, smart cameras will predict parking lot occupancy, regulate electric vehicle charging queues, and help cities avoid congestion. Moreover, the solution we are developing can become an important component of autonomous vehicles. AI cameras will help such vehicles find free spots in parking lots and park themselves,” predicts A. Marma.
According to the head of “Parksol Technologies,” Lithuania has long ceased to be just an observer of technological development – we are creators and innovators. This is successfully proven by many startups and companies in the country developing advanced solutions.
“We have incredibly strong engineers and programmers and the right business mentality that allows us to create faster than in large countries. Of course, Lithuanian companies would find it difficult to compete in developing general AI models such as ChatGPT or Gemini, but we have enormous potential in specialized industrial solutions. Our project is direct proof that world-class AI innovations are born right here – in Lithuania,” notes A. Marma.
Supporting companies’ efforts in AI
Justinas Didika, head of the “Manufuture Lab” department at the Innovation Agency, agrees that Lithuania’s AI ecosystem has huge potential. According to him, Lithuanian companies actively develop and implement AI solutions not only in digital products or services but also in the industrial sector. These efforts are extremely important for increasing the competitiveness and productivity of Lithuania’s industry and the entire economy, so they must be supported.
“For AI to bring real benefits, it is not necessary to create miracles that transcend technological boundaries. The most successful growth and greatest value come from practical, smart, and relatively inexpensive solutions that solve specific problems and have a clear market. Such innovations are the easiest to further develop. The ability to develop and apply AI-enabled tools directly determines industrial transformation and the country’s economic growth – AI solutions born in the local ecosystem not only become in-demand products globally but also immediately increase company productivity here in Lithuania,” emphasizes J. Didika.
To meet companies’ needs, the Innovation Agency plans to soon announce a funding call aimed at helping industrial companies implement existing AI solutions in their manufacturing processes. During the previous call for AI solution development, which “Parksol Technologies” utilized, nearly 9.9 million euros in funding was distributed for projects worth a total of 12.788 million euros.
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