Chinese IoT gears provider SENSORO (升哲科技) announced Series D round of financing with an undisclosed amount, led by GGV Capital and followed by NGP Capital and BOSCH China, on July 20.
The money will be adopted to upgrade the IoT solution line which is designed to lead the security industry, according to SENSORO.
The tech company has completed five rounds of funding to date, all carried out by other reputable investment institutes including Baidu Ventures and Northern Light Venture Capital.
SENSORO's end-to-end IoT solutions mainly consist of chips, sensors, communication modules, communication base stations and cloud. The integrated IoT methods are among SENSORO's competitive advantages that create a high barrier to entry in the IoT market.
The integrated IoT ability of SENSORO creates a highly competitive barrier probably leading to the prosperity of the tech company, said Li Hongwei (李宏玮), partner of GGV Capital.
Thanks to its unique IoT ability, SENSORO is to be a tech-unicorn valued more than CNY 10 billion (USD 1.45 billion) in the future, said Deng Feng (邓峰), founder of Northern Light Venture Capital.
The IoT player puts its eyes on security services, as China promoted the concept of the smart city in recent years. The remote security alarm service – one of SENSORO’s core solutions – is capable to collect and analyze the data from target sensing areas in real-time. When the system figures some potential safety risks, it will alarm responsible people immediately.
SENSORO’s IoT solutions can be put into different scenarios varying from campus, community, hospital, warehouse, bank to the public events. SENSORO now operates in 80 Chinese cities with its cutting-edge technology and helped avoid damage of around CNY one billion to date, the company claimed.
Microsoft Accelerator graduate, SENSORO is expanding its shining R&D team and attracts talents from prominent tech companies such as Microsoft, Ericsson and Huawei.
IoT market size in China is expected to reach CNY 3.1 trillion (USD 451 billion) ) by the end of 2022, according to the Ministry of Industry and Information Technology of PRC. That prediction apparently spurs more investors to seek a toehold in the IoT area.