VEStellaLab, which develops and operates 'Watchmile', a parking navigation service that guides users to empty parking spaces in real time, announced today that it has signed a business agreement with PROVIEW GROUP JOINT STOCK COMPANY, a technology company specializing in AI in Vietnam, to enter the Vietnamese market at the KOTRA 2023 Boomup Korea Export Consultation held at COEX in Seoul on the 13th.
PROVIEW GROUP JOINT STOCK COMPANY, which signed a business agreement with VEStellaLab, is a company with advanced technology and expertise and has been selected as one of the top 10 tech companies in Asia.
Through the MOU, Vestela Lab will develop and supply indoor parking navigation specialized for the Vietnamese market by utilizing Vestela Lab's indoor precision positioning and smart infrastructure information. PROVIEW GROUP will cooperate with VEStellaLab to introduce the solution to the Vietnamese market through its local network.
'Watchmile', which uses Vestela Lab's world-class indoor positioning technology, is a service that identifies real-time parking status plus the location of vacant parking spaces and guides users to the optimal parking surface according to their preferences. This reduces the parking time of drivers by more than 70% during the parking process and dramatically reduces fuel consumption and emissions. Currently, Watchmile is available at landmarks such as Incheon International Airport, Seoul Station, and Cheonho Station, large public parking lots, large exhibition halls such as KINTEX, large-scale residential facilities of Hoban Construction, and various knowledge industry centers.
In addition, through 'ZeroCruising', an autonomous V2I solution that provides real-time safety information to autonomous vehicles, VEStellaLab is providing a service that not only provides the exact location and movement route of the vehicle, but also immediately notifies the danger of blind spots, which greatly helps the stability of autonomous driving and the safety of pedestrians.
VEStellaLab's CEO, Mr. Sangsu Jung, said "As the Vietnamese market shifts from a motorcycle-oriented to a car-oriented market, the parking shortage in big cities is intensifying. The need for smart parking navigation is growing, and we believe this is the best time to enter the Vietnamese market." "VEStellaLab's Watchmile is a solution that can dramatically solve the parking problem in big cities, and we have the strength of developing solutions optimized for the local market and applying them directly to overseas markets."
VEStellaLab recently signed an MOU with the Saudi Arabian Ministry of Investment to enter the Middle East market and is making various efforts to enter overseas markets, including participating in CES 2023 in Las Vegas and BIBAN 2023 in Saudi Arabia.