upstarts parkifi

Ryan Sullivan, 30, and Rishi Malik, 31, set out to build a parking app. But they realized that there were already a lot of apps out there and, frankly, the underlying tech just didn't exist to support them.

So they decided to build a tech platform instead.

Parkifi relies on sensors that are installed in parking spots that indicate whether spots are open or full. Parkifi's customers -- cities, malls, sporting arenas -- install the sensors (which are about the size of a hockey puck). Parkifi doesn't have an app itself, but its technology can power any consumer-facing product.

So far, there are about 500 spots deployed in Boulder and Denver. Sullivan and Malik recently raised $2 million, which will fund the start. They are also in the process of rolling out to two (yet unnamed) top-tier cities, a mall provider in California and several sporting arenas. -- Aimee Rawlins

Related: You'll never have to search for a parking spot again

First published June 24, 2015: 8:16 AM ET

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