Alibaba-backed positioning service provider raises $141m Series A
Qianxun Spacial Intelligence or Qianxun SI, a high-precision positioning services provider, has raised RMB1 billion ($141 million) in a Series A funding round, taking its valuation past RMB13 billion.
The round was led by three investment institutions with close ties to the government: SIG Asset Management, which is controlled by state-owned Shanghai International Group; ICBC Financial Asset Investment, which is under Industrial & Commercial Bank of China; and China State-owned Venture Capital Fund.
Founded in 2015, Qianxun SI is a joint venture backed by Alibaba Group and Norinco Group, a Chinese defense corporation that manufactures a diverse range of civil and military products. It offers up to centimeter-level accuracy for real-time positioning and millimeter-level accuracy for post-processing by utilizing a self-built ground-based augmentation system with more than 2,400 reference stations and positioning algorithms.
The company claims more than 390 million users globally with 300% compound annual sales growth since 2017. It aims to play an important role in the era of the internet of things (IoT).
In May, Qianxun SI has formed a partnership with state-owned FAW Group to provide its high-precision location service for the latter’s Hongqi-branded vehicles to be mass-produced in 2020, according to local media reports. Qianxun’s technology will help Hongqi gradually build up its autonomous driving system.
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