China-based internet-of-things (IoT) technology provider AiForward Tech completed a series A round featuring property manager Sunac Services yesterday that is sized at almost RMB500m ($76.9m), DealStreetAsia reported.
Sunac Services, a subsidiary of real estate developer Sunac China, provided approximately $61.6m for the round’s first close in September 2020, before alternative investment manager Snow Lake Capital added the rest.
AiForward produces control systems, robotics and surveillance systems for use in places such as residential and commercial buildings, nursing homes and schools, as well as smart consumer products such as intercoms, smart plug outlets and air, humidity and temperature control systems.
The funding will be channelled into research and development activities in addition to upgrading the company’s delivery capabilities and extending its partnerships with property developers and managers.
The latest round came in the wake of an undisclosed nine-figure yuan amount from venture capital group IDG Capital in August 2019, according to DealStreetAsia.
Ding Wenbin, AiForward’s CTO, was quoted by DealStreetAsia as saying: “Many residents will not be so proactive in putting forward all their requirements.
“Rarely will they have time or a demand strong enough to approach property management staff for a change. But their needs can be found in data, which means we will need to actively explore and discover.”
