China’s smart city solution provider Terminus Technologies announced on Monday that it has collected RMB 2 billion (USD 283 million) after closing its Series C1 round equity financing.
China Everbright Limited, an early-stage incubator for Terminus and also a strategic investor in Everbright Bank, one of China’s major banks, led this round. China’s e-commerce giant JD.com, real estate developer Wanda Group, and voice recognition technology developer iFlytek, all participated in this round.
The new funds will be used to hire talents and to develop core business, according to Terminus, which did not reveal its current valuation.
Terminus, who defines itself as an Artificial Intelligence (AI) and Internet of Thing (IoT) platform operator, offers a broad set of smart devices such as face-scanning locks for homes and smart access controls for office buildings. It also develops automated fire control systems and energy management technologies for communities. The company further sells edge computing servers which can back these systems.
The company said its revenue increased 200% each year on average since it was set up in November 2015, although without revealing its financial details.
Terminus has several clients including tech companies such as Huawei and Intel, and real estate developers such as Poly and Greenland. Terminus also offers its services to eight local governments including Beijing Shanghai, Tianjin, and Chongqing.
