Bestella Lab Co., Ltd. (CEO Sang-soo Jeong), which supplies the parking navigation system 'Watchmile' that guides people to empty parking spaces in real time, and Hyundai Corporation Co., Ltd. (Chairman Mong-hyuk Chung) signed a business agreement on the 31st for cooperation in expanding into overseas markets.
Through this business agreement, the two companies will cooperate to expand the supply of parking optimization AI solutions developed by Vestella Lab to the Middle East. Hyundai Corporation will utilize its global network of approximately 40 overseas branches and corporations around the world and its 48 years of accumulated business development and fostering capabilities to support market analysis, customer development, etc., and plans to seek new items in the IT field and diversify its business.
Vestella Lab has a parking optimization AI solution. 'Watchmile', which uses the world's best indoor positioning technology, accurately analyzes the parking space occupancy status using only the CCTV footage built for crime prevention by applying an AI model using LLM (Large Language Model). Through this, it is a service that identifies the real-time parking status and the location of empty parking spaces and guides the route to the optimal parking space according to the user's preferences. Watchmile is currently being serviced in landmarks and large public parking lots such as Incheon International Airport, Seoul Station, and Cheonho Station, large exhibition halls such as KINTEX, large residential facilities, and various knowledge industry centers.
In addition, through 'ZeroCruising', an autonomous driving V2I solution that provides real-time safety information to autonomous vehicles, it not only supports the exact location and movement path of the vehicle, but also
We are providing a service that immediately notifies us of danger in blind spots, which greatly contributes to the stability of autonomous driving and the safety of pedestrians.
Bestella Lab CEO Jeong Sang-soo said, “Since last year, Bestella Lab has been signing business agreements with companies in various countries, including Saudi Arabia, Dubai, and Indonesia, in order to enter overseas markets. As a result, we have seen tangible results in our smart parking business, such as supplying parking AI optimization solutions to Al Bujairi Heritage Park in Saudi Arabia.” He added, “Through this business agreement with Hyundai Corporation, we will do our best for mutual cooperation, such as supplying parking optimization AI solutions centered on Middle Eastern countries and contributing to the business diversification of Hyundai Corporation.”
Hyundai Corporation Managing Director Choi In-beom also stated, “We plan to actively support Vestella Lab’s cutting-edge solutions so that customers in various Middle Eastern countries can actually use them by making full use of Hyundai Corporation’s Middle Eastern network.”
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