Vend Park is an AI-powered parking technology and operations company helping commercial real estate owners manage and monetise parking assets across 15 US markets.
Vend Park applies artificial intelligence to parking operations for commercial real estate. Founded in 2020 and headquartered in Boston, Massachusetts, the company helps property owners manage and monetise parking assets through automated, AI-driven management, combining license plate recognition, computer vision and real-time data analytics with a cloud-based operating platform. Its client base includes Nuveen, Jamestown, Federal Realty, Harwood International and Cushman & Wakefield.
The company's core product is a cloud-based command centre through which owners remotely manage tenant connectivity, inventory and pass management, validations, billing and real-time reporting. Access options range from gateless entry and exit using license plate recognition to fully gated systems with kiosks, all integrated into a single dashboard. Each parking transaction captures more than 80 data points.
For partner owners, Vend Park reports a typical 30% increase in net operating income and a 30-50% reduction in operating costs. The company states it has grown revenue and bookings 35-fold in 24 months and expanded from three cities to 15 markets across the United States since 2020.
Technically, the work spans artificial intelligence, license plate recognition, computer vision, cloud software, real-time data analytics and parking access technology. The company describes its model as pairing AI development with an in-house operations team, focused on removing inefficiencies in parking and improving the experience for tenants and visitors.
