Internet group Tencent has led a RMB200m ($29.8m) funding round for China-based parking management software developer PP Parking.
PP Parking has created a platform that offers artificial intelligence-based car-parking management in addition to digital payment and real-time data sharing tools. It had previously received about $1.6m from Synergy Innovation Fund in 2015.
The deal gave Tencent and its affiliates an 11.1% stake in the company, according to Asia Auto Group, and Zhong Xuedan, vice-president of Tencent subsidiary Tencent Intelligent Mobility, has taken a seat on its board of directors.
