Everest leads Series A for Chinese map provider
Fengxing Zhitu, a subsidiary of Chinese courier company SF Express, has raised a RMB100 million ($14 million) Series A round led by Everest Venture Capital. Oriza Holdings, Maison Capital, and Jade Capital also took part.
Fengxing Zhitu, formerly known as SF Technology Geographic Information Research & Development Center, was established in 2018 and incubated by SF Express. It develops maps that can be read by artificial intelligence systems.
The company's smart logistics map pinpoints 700 million courier locations per day, processing tens of millions of kilometers of ground trajectory data. It receives 330 million daily cloud service requests. Fengxing Zhitu underpinned the digitization of SF Express' operations, having been integrated into the entire logistics process, from order generation through last-mile delivery.
Now, the company wants to leverage its skills and database and provide services for third-party customers. Typical targets are supply chain management operators and groups involved in urban management and smart city solutions. Other companies selling mapping and related services include Qianxun Spatial Intelligence, a high-precision positioning specialist backed by Alibaba Group. It raised RMB1 billion in Series A funding last October.
SF Express has spun out several business units in recent years. SF Freight, a less-than-truckload shipping operator, was formed in 2015 and spun out as an independent brand in 2018. Earlier this month, CITIC Capital, CDH investments and Legend Capital invested $300 million in the company.
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