Pragtech

Pragtech Inc. is a Japanese technology firm, founded in August 2022, that is focused on transforming the parking industry through software. The company's mission, "Driving society through parking," stems from founder Yusuke Oshiro's desire to solve everyday problems and address industries that have been slow to adopt technological advancements. The current CEO is Toshitaka Funamoto.

The firm targets parking management operators with its hardware and software platform, "Lott". This system is designed to digitalize and streamline parking operations, reducing both initial investment and ongoing maintenance costs for clients. The core of the Lott platform involves minimal on-site equipment, typically a tablet-based kiosk and a camera for vehicle detection. This setup enables a ticketless and automated payment process, where AI-powered cameras recognize license plates for seamless entry, exit, and payment. The system provides a frictionless experience for drivers, eliminating common frustrations such as searching for spots, handling paper tickets, and dealing with cash payments. For operators, it offers an online dashboard to manage the lot, with the goal of improving cost structure and profitability.

Pragtech's business model centers on this hardware-software fusion, aiming to create a connected mobility service that integrates different parking operators and potentially links with other transportation and commercial facilities. The company has secured funding from several venture capital firms, including ANRI, D4V, 31Ventures, Global Brain, Japan Post Spiral Regional Innovation Fund, and SMBC Venture Capital, raising a total of $2.48M to accelerate product development, partnerships, and market deployment.

Keywords: parking management, mobility solutions, ReTech, software as a service, automated payments, smart cities, license plate recognition, digital kiosk, venture capital, transportation technology