Commission funding Worldsensing’s ‘FASTPRK-2’ project
A Spanish Internet of Things company has secured funding from the European Commission as part of Horizon 2020 for its ‘Enhanced on-street parking management system’, or ‘FASTPRK-2’, project.
Financing worth €50,000 is being drawn from phase one of the SME Instrument and the venture is running between 1 July 2015 and 1 January 2016; it has a total budget of €71,429. The firm behind the project is Worldsensing and according to the company the venture ‘aims to increase the market penetration and adoption of Fastprk’, a smart parking solution from the company that is ‘based on embedded wireless sensors installed in each parking bay’.
It is also envisaged that the project ‘will focus on gaining market share of this smart on-street parking solution’ as well as ‘introducing certified 100% accuracy on occupancy detection along with advanced services for cities and citizens’.
The Commission defines phase one as a ‘concept and feasibility assessment’ lasting six months, which sees the private enterprise ‘draft an initial business proposal’. A maximum of €50,000 of funding is available.
