Chinese smart city platform receives $73m
China Everbright, IDG Capital and CITIC Private Equity have participated in a RMB500 million ($73.5 million) Series A round of funding for Terminus Technologies, which claims to be China’s largest city-level mobile internet platform.
Terminus describes itself as a mobile internet of things (IoT) ecological platform company. Relying on smart hardware, cloud services, and mobile applications, it works with municipal governments and real estate developers to deliver local services and utilities in a more efficient way. These might range from IT-enabled energy management in hotels to city-wide solutions that cover population management, traffic flow, and public security functions.
The company claims to have signed contracts worth a cumulative RMB1 billion with the governments of Shanghai, Chongqing, Nanjing and other cities, as well as with real estate developers including Wanda Group, Greenland Group, Sunshine 100 Group, CapitaLand, and Ying Li International.
As of June, Terminus employed more than 300 people, including a R&D team of 150 engineers, and had applied for around 300 patents. It has completed 7,000 projects covering nearly 600 million square meters, ranging from the redevelopment of old residential areas in Shanghai and Nanjing to the introduction of smart office systems in Chongqing.
The company said in a statement that it would use the new funding for technology upgrades and product and business development initiatives. Projects for individual buildings account for the bulk of Terminus’ activity, and the company wants to broaden its smart city work.
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