AIpark completes RMB 100 million+ Series A financing.
BANKING AND CREDIT NEWS-December 29, 2017-AIpark completes RMB 100 million+ Series A financing
(C)2017 M2 COMMUNICATIONS http://www.m2.com
AIpark has completed its Series A financing of over RMB 100 million, drawing market attention towards the hot topic of green smart transportation and cities, the company said.
This round of investment was led by US-China Green Fund with co-investment from Banyan China Capital.
In recent years, due to the rapid increase of motor vehicle ownership in China, traffic congestion and shortage of parking spaces have become a key challenge in urban development. Automotive exhaust emissions are a major source of air pollution. As Chinese cities are seeking sustainable urban development, they are turning towards building smart traffic systems including parking facility upgrades.
AIpark is a startup company that utilizes fourth-generation parking technology to manage city-wide road-side and garage parking systems. AIpark's Chairman, Jun Yan remarked, "This round of financing will be used to strengthen our research and development so that we can roll out more smart technologies, products, and services to gain more market share." With the capital infusion, AIpark can better integrate its domestic capabilities and expand into overseas markets.
US-China Green Fund is a commercially run private equity fund whose mission is to promote sustainable green development in China through innovative US-China collaborations in finance, green technology and business models.
((Comments on this story may be sent to firstname.lastname@example.org))