SFMap, a mapping technology startup spun off by China-based logistics service provider SF Express, has raised more than RMB100m ($14.1m) in series A financing, DealStreetAsia reported yesterday, citing a company statement.
Venture capital firm Everest Venture Capital led the round, which included investment holding company Oriza Holdings, private equity firm Maison Capital and VC firm Jade Capital. 100Summit Partners was financial adviser on the transaction.
Founded in 2018, SFMap is developing high-definition mapping technology that assists artificial intelligence systems in pinpointing precise locations.
SF Express uses the software to support express ordering and distribution in addition to general management of its operations, but it can be utilised by customers including governments and businesses and governments in addition to smart systems and individuals.
The funding will be allocated to further development of the company’s software for use in smart city, supply chain and industrial internet-of-things activities.
