And the post fundraising valuation reached CNY13 billion.
Qianxun SI (千寻位置网络有限公司) has secured its Series A round of financing on October 18, led by SIGAM (上海国际集团资产管理), ICBC financial asset investment (工银金融资产投资), China State-owned venture capital fund (中国国有资本风险投资基金股份有限公司).
Qianxun Spatial Intelligence Inc. (Qianxun SI) is a high-precision positioning service provider which offers position service up to centimeter-level accuracy (real-time) and millimeter level accuracy (post-processing), which is one of the most important infrastructures in the IoT Era.
Qianxun SI was founded on August 18, 2015 as a joint venture of Norinco Group and Alibaba Group (NYSE: BABA). Based on raw observation data delivered by four GNSS constellations (incl. Beidou, GPS, GLONASS, and Galileo), Qianxun services, accessing through the internet, by utilizing self-built ground-based augmentation system (incl. more than 2400 reference stations) and self-developed positioning algorithms, improve positioning accuracy. Thus, Qianxun SI provides high-precision positioning and relative LBS solutions for users across China.
Based on the basic positioning data of Beidou satellite system (compatible with GPS, GLONASS and Galileo), using more than 2500 Beidou ground-based strengthening stations throughout the country and intelligent algorithms independently developed, Qianxun SI carries out big data calculation through Internet technology, providing precise space-time services of centimeter-level positioning, millimeter level perception and nanosecond level timing, helping machines to calculate and obtain space-time intelligence. And let the end-users benefit.
Currently, the total customer scale is more than 390 million, with the downstream applications include smart cities, industry upgrades, autonomous driving. The CAGR of sales revenue is more than 300% since it founded in 2017.
Autonomous driving will be the biggest application. Qianxun SI has been launched its service standard for the automobile industry about intelligent driving. Besides, smart cities, drones and other IoT equipment with the sensor will also use the Qianxun SI system to conduct its service.
In Alibaba Apsara Conference, Qianxun position jointly released the first vehicle gauge level dual-frequency high-precision satellite and inertial navigation integrated positioning module with STM semiconductor and mobile telecommunication. Qianxun position provides high-precision positioning service and intelligent terminal algorithm, while STM provides high-precision positioning chip and inertial measurement unit, and the remote communication is packaged.
The vehicle integrated with this module can obtain positioning data with an accuracy of 10 cm in open environment, accurately judge the lane where it is located, and maintain continuous high-precision positioning ability in the area where satellite signals are blocked under the viaduct, tunnel, etc., which can provide real-time and accurate positioning ability for intelligent driving vehicles, and also become the technical support for large-scale commercialization of automatic driving.
CEO of Qianxun SI, Chen Jinpei (陈金培) said that with the advent of the Internet of things, the users of space-time services are tens of billions of robots. "They have higher demand and stronger dependence on space-time services, and the use frequency will be a geometric growth".