US-based sensor technology producer Sensoro has closed a $10m investment round featuring Nokia Growth Partners, the venture capital firm sponsored by communications technology provider Nokia.
The round also included commercial property developer New World Development and investment holding company Mandra Capital.
Incubated in Beijing in 2013 by Microsoft Ventures’ China-based accelerator, Sensoro manufactures sensors, known as beacons, for the retail sector that collect information on customer behaviour. The company also offers real-time data processing services.
The funding will support research into adapting the sensors for use with the internet of things (IoT). The beacons currently rely on Bluetooth and have been installed in more than 17,000 stores.
Nokia Growth Partners said in a statement: “NGP pays close attention to the innovations that IoT technology has brought to data analysis services and applications. NGP would like to make a contribution to the development of internationally competitive high-tech in the Chinese startup ecosystem.”