SandStar, a China-based retail technology developer backed by internet company Baidu and conglomerate Fosun, has raised an undisclosed amount in a series B round co-led by Guopeng Capital and Mobai Capital.
Founded in 2017 as YI Tunnel, SandStar is working on four distinct artificial intelligence-powered retail technologies: vending machines, automated checkout tills, unmanned stores and retail analytics.
The company emerged out of Tsinghua University and has now raised a total of $25m, it said this week. It will use the series B funding to accelerate its international expansion efforts, having already entered 11 countries.
Kinzon Capital, the VC firm backed by Fosun, led an eight-digit renminbi pre-series A round (RMB10m = $1.5m) in December 2017, with contributions from Baidu subsidiary Baidu Ventures and Fengshion Capital, according to China Money Network.
Baidu Ventures had led an eight-digit angel round for the startup two months before that included Fengshion Capital, China Money Network reported.