Global Brain has invested in Pragtech Inc., a company that develops and provides the next-generation parking service "Lott," as the lead investor

Global Brain has invested in Pragtech Inc. (Pragtech), a company that develops and provides the next-generation parking service "Lott," through its 31VENTURES Global Innovation Fund II (31VENTURES II, a corporate venture capital fund of Mitsui Fudosan Co., Ltd.) as the lead investor.

Pragtech, a startup dedicated to its mission of “Driving society through parking,” is focused on the development and provision of the next-generation parking service “Lott.” By leveraging technology, Pragtech aims to free users from all the inconveniences associated with car travel and parking, while fundamentally improving the cost structure and profitability of parking management operators. This initiative not only promotes digitalized and cashless parking experiences but also addresses broader issues of Japanese industries and society, such as the decline in the working-age population due to low birthrate and aging society, adapting to next-generation mobility, and revitalizing local economies.

With the funds raised this time, Pragtech will leverage the parking management expertise and support from Mitsui Fudosan Realty Co., Ltd., which is a Mitsui Fudosan Group company, to accelerate its development cycle and drive forward the proof-of-concept and test implementations of “Lott” with multiple Japanese parking operators. The company also plans to strengthen partnerships with various businesses to build the “Lott” ecosystem.

Global Brain has decided to invest in Pragtech because of its management team’s clear understanding of the challenges in the domain, its proactive approach in engaging stakeholders to solve the pain points of both parking operators and users, and its strong development capabilities considering the integration of hardware and software. Global Brain will work in collaboration with Mitsui Fudosan Co., Ltd. and Mitsui Fudosan Realty Co., Ltd. to provide Pragtech with multifaceted management support so that Pragtech becomes a core parking platform as societal infrastructure in the future.