AIpark, a China-based artificial intelligence (AI)-equipped parking app developer backed by smart electric vehicle manufacturer Nio and environmental engineering firm Sanli, has secured RMB300m ($42.4m) in series C funding.
Venture capital firm Gaorong Capital led the round, which included ShouTaiJinXin Fund’s Changshang Kunzhong vehicle and Zhongguancun Science City Science and Technology Fund.
Founded in 2015 and also known as Aiboche, AIpark uses on-site cameras and AI algorithms to generate car park occupancy data and inform drivers of parking space availability, allowing them to book and pay for parking through its app.
The company has partnerships in place with local Chinese municipalities including Beijing, Guangzhou, Shanghai and Shenzhen, as well as state-owned facilities such as Beijing Capital International Airport, Beijing West railway station and Peking University.
AIpark received a nine-figure renminbi amount (RMB100m = $15.1m) in a mid-2018 series B round featuring Nio’s corporate venturing arm, Nio Capital, as well as Sanli, Gaorong Capital and US-China Green Fund. The latter two had supplied $15.3m for the company in a series A-plus round the year before.
