China-based smart parking technology provider ChinaRoad has secured RMB200m ($29.8m) from gaming and internet group Tencent, DealStreetAsia reported yesterday.
Founded in 2013, ChinaRoad has developed an app that uses geolocation technology to help drivers find parking spaces and digitally manage payment. It claims the platform has more than 50 million registered users.
The company had previously raised about $1.4m in series A funding from Synergetic Innovation Fund Management, according to DealStreetAsia.
