China smart parking manager raises $42m Series C

State-backed Zhongguancun Science City Science & Technology Fund also participated as did a vehicle known as Changshang Kunzhong, which is said to be associated with Shoutai Jinxin Fund.

Founded in 2015, AIpark develops and provides an artificial intelligence-enabled car parking and toll management solution based on high positioned camera installations instead of traditional street-level meters. This method allows the company to automatically detect a car's license plate when it enters a parking lot.

When a car leaves, a fee is automatically calculated. The lot manager and the driver will be both informed of the fee. Payment can be managed via an app.

AIpark City, the company's core product, has been implemented in 12 cities, including Beijing, Shanghai, and Shenzhen. It claims the system is an effective way to solve the problems of "chaotic parking and difficult governance" and greatly improve the utilization rate of parking resources. It has also positioned its automatic management and contactless services as in line with the COVID-19 environment.

AIpark's Series A was led by US-China Green Fund in 2017 with participation from Gaorong. Nio Capital led a Series B following year, which was extended in 2019 by CICC Capital.

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• Topics
• Greater China
• Expansion
• Technology
• artificial intelligence
• Gaorong Capital
• China