China mapping start-up gets $40m Series A extension

Participants include Pudong Science & Technology Investment (PDSTI), Zhangjiang Group, Shanghai Zhangjiang Hi-Tech Part Development, Henan Zhanxing Industrial Investment Fund, Keytone Ventures, and Summitview Capital. Financial information services provider Wind and credit rating agency China Chengxin Credit Rating joined as strategic investors.

Existing backers Lightspeed China Partners and BlueRun Ventures re-upped. They led the company's $80 million Series A round in mid-2018.

Founded in 2017, Wayz.ai provides location-based services powered by artificial intelligence (AI). It serves clients in the fields of smart retail, intelligent marketing, mobility services, and autonomous driving. Customers include Ping An Insurance, Wind, Huawei, Xiaomi, China CYTS Tours, Volkswagen, Ford, and Shouqi Group, as well as the local governments of Shanghai, Zhuhai, and Qingdao.

“In the digital economy, the internet of things terminals, autonomous driving vehicles, and robots require more precise spatial maps that can be understood by machines,” said Vincent Tao, CEO and founder of Wayz.ai, explaining his company's value contribution.

Wayz.ai's products include Spatial AI, which integrates traditional maps and spatial big data to make offline movements computable and predictable.

Competitors in the space include Fengxing Zhitu, a subsidiary of Chinese courier company SF Express. The company, which developer maps read by AI systems, secured a RMB100 million ($14 million) Series A round last year.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Greater China
• Early-stage
• Technology
• artificial intelligence
• China
• Lightspeed Venture Partners
• BlueRun Ventures
• Keytone Ventures