Ant Financial, the financial services affiliate of e-commerce group Alibaba, has led a RMB700m ($102m) series A round for China-based transportation software producer TransWiseway, China Money Network reported today.
The round also featured an automotive technology fund established by transportation technology provider China TransInfo Technology.
Founded in 2014 and also known as Beijing TransWiseway Information Technology, TransWiseway has created a software platform that analyses large amounts of data from sensors on connected vehicles in order to help enhance driving decisions in real time.
The technology is mainly utilised by the operators of large-sized trucking fleets, municipal transport managers and transportation service providers, and the platform incorporates information on a wide range of factors including driver performance, traffic and weather.
Xia Shudong, the company’s president, told technology news portal 36Kr the funding will go to strengthening its technology and promoting its financial services.
TransWiseway’s existing strategic partners include computing technology producer IBM and chipmaker Intel, though it has not disclosed investments by either corporate.
