DURHAMVADE, a parking startup launched by a group of UNC-Chapel and NC State college buddies, has raised roughly $428,000 in equity, according to a recent securities filing.

Nine investors contributed to the round, which is capped at $1.28 million, with around $700,000 remaining to be sold.

The filing indicated that the use of funds would go towards payment of salary “in the ordinary course of business.”

VADE — billed as the “future of parking” — is the brainchild of UNC-Chapel Hill friends Ritwik Pavan (CEO) and Matty Schaefer (COO) and NC State senior Christian Burke (CTO), who founded the company in their sophomore year in 2017.

The platform and app provides “real-time, per spot” parking availability. According to its website, its proprietary internet of technology (IoT) solution includes: ParkSight cameras, which are wireless and can be installed on any pole or building; computer vision to detect when vehicles are occupying parking spaces; and database and APIs to store the resulting data with the coordinates and ID of each spot.

“This provides governments, businesses, and municipalities with crucial data on the driving and parking habits of their clients/citizens,” the company said on its LinkedIn page.

Its CEO Pavan said on LinkedIn that VADE had successfully raised a pre-seed round of $125,000 to develop hardware/software and pilot in two cities. It is currently raising $1 million to scale.