China-based intelligent car parking service AIpark has received an undisclosed nine-figure renminbi sum (RMB100m = $15.1m) in a series B round led by smart electric vehicle developer Nio, China Money Network reported yesterday.
The round also featured environmental services group Sanli and existing investors including private equity fund US-China Green Fund and VC firm Gaorong Capital, while Nio participated through its corporate venture capital subsidiary, Nio Capital.
Founded in 2015, AIpark has developed an urban parking management system that makes use of artificial intelligence technology to help drivers get information from car park operators concerning whether spaces are free.
The funding will be used for research and development as the company looks to enhance its core technology and expand its market share.
AIpark said in a statement quoted by China Money Network: “AIpark is dedicated to bring better life experience to consumers, especially drivers, and provide value-added services in car and parking space sectors, which is worth around RMB50 trillion in market size.
“Based on AI and big data solutions, we hope to solve traffic congestion problems in China.”
US-China Green Fund had previously led a $15.3m series A+ round for AIpark in December 2017, investing together with Gaorong, then known as Banyan China Capital.