Some other parking management solutions also focus on the use of sensor technologies, such as magnetometers, ultrasound, etc. Why is your approach better?

Probably the biggest concern when developing a smart parking solution is its accuracy. We take pride in having developed a sensor that provides vehicle detection data with 99% accuracy. At the same time, no magnetometers and ultrasound sensors alone can provide it, simply because the way they detect a parking event is prone to error, and thus there is more chance they can confuse some other objects or movements with parking events or do not detect some vehicles. At Nwave we have created a low power sensor fusion coupled with advanced statistical algorithms: while each individual sensor alone may not be 99% accurate, working together they deliver superior accuracy.