EZParking, a China-based real time parking information data provider, has raised RMB90m ($13.3m) in a funding round led by automobile and real estate holding company ZJamp Holding Group, China Money Network reported yesterday.
Founded in 2009, EZParking gathers real time parking information data from garages and uses a patented algorithm to help drivers find the closest available parking spots. Customers can also reserve parking spaces in advance and make online payments.
EZParking’s systems are used in more than 200 smart parking garages in cities across China, including Beijing and Shanghai. The company said it plans to use the proceeds to improve its data mining technology, strengthen its research and development, and bolster its customer services.
ZJamp isn’t the only corporate venturer betting on smart parking startups in China. Investors including China-based internet service portal Tencent Holdings provided $12m in funding for parking app Parkbees in February this year.
E-commerce platform Ffan.com, a subsidiary of China-based property group Dalian Wanda, subsequently led a $230m series B round in October for smart parking mobile app operator ETCP, which stands as the largest financing deal in the sector according to China Money Network.