Qianxun Spatial Intelligence, a high-precision positioning service provider, declares that it has raised RMB$1 billion (US$141 million) in a Series A funding round.
SIG Asset Management guides the round under state-owned Shanghai International Group, ICBC Financial Asset Investment under state-owned Commercial Bank of China, and China’s State-owned capital venture Capital Fund.
Asset Management Firm Shanghai Guohe Capital, Chinese Kunying Capital, and Chinese Yonghui fund further participated in the round.
Qianxun SI declared that the corporate intends to transform itself from the platform of high-precision positioning service to the infrastructure of spatial intelligence.
Coined in 2015 by China’s conglomerate Tencent and state-owned Chinese defense company Norinco Group, Qianxun SI offers high-precision positioning service, covering centimeter-degree accuracy and millimeter-stage accuracy, which is one a part of IoT infrastructure.
Based on the raw information provided by the Chinese satellite navigation system BeiDou Navigation Satellite System, its intelligent algorithm, and big data analytics, Qianxun SI offers high-precision positioning and location-based services for users across China.
It boasts that Qianxun SI has over 390 million users, and its income had grown at a CAGR of over 300 % in 2017.
The gross output of satellite navigation and location service industry reached RMB302 billion (US$43 billion) in China in 2018, an increase of 18.3% over 2017, according to a public document from the Chinese non-profit organization GNSS and LBS Association of China.
Proceeds will be used to reinforce its infrastructure and core technology development and to increase the application of spatial intelligence in a broader range.