Chinese smart city player Terminus raises $173m Series B

China Everbright and IDG are both existing investors in the business, having provided RMB500 million in Series A funding – alongside CITIC Private Equity – in July 2017.

As a mobile internet of things (IoT) ecological platform company, Terminus uses smart hardware, cloud services, and mobile applications to work with municipal governments and real estate developers to deliver local services and utilities in a more efficient way. These services range from IT-enabled energy management in hotels to city-wide solutions that cover population management, traffic flow, and public security functions.

Terminus wants to expand its footprint to include hospitals, schools and nursing homes, according to a statement. At the time of the Series A closing, the company claimed to have signed contracts worth a cumulative RMB1 billion with the governments of Shanghai, Chongqing, and Nanjing, as well as with real estate developers such as Wanda Group, Greenland Group, and CapitaLand.

Meanwhile, the involvement of SenseTime, which specializes in facial recognition technology, is expected to lead to cooperation between the two companies. “SenseTime needs to partner with leading players in the IoT space. Companies like Terminus could help us to better apply our services to more different scenes,” said Bing Xu, a co-founder of SenseTime.

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• Topics
• Greater China
• Early-stage
• Technology
• China
• IDG Capital Partners
• China Everbright
• TMT
• artificial intelligence