China-based internet-of-things (IoT) technology provider Terminus Technologies secured RMB1.2bn ($173m) today in a round featuring image recognition software producer SenseTime.
Asset management group China Everbright and venture capital group IDG Capital co-led the round while Lighthouse Capital was financial adviser.
Terminus supplies artificial intelligence (AI) and IoT technology to governments and businesses in China to help them manage cities, buildings or public safety. Its technology is being utilised in more than 8,400 projects across the country.
China Everbright and IDG Capital had previously participated in the company’s $73m series A round in July 2017, investing together with Citic Private Equity. Terminus was incubated by China Everbright, though it has not revealed whether that involved any additional financing.
In addition to its investment, SenseTime will provide support in technology and product development for Terminus, which runs research and development centres in cities including Beijing, Shanghai, Chongqing, Wuhan, Guangzhou and Shenzhen.
