AloT Solution Provider AIDriving Obtains Hundreds of Millions of Yuan
AloT means the fusion of Artificial Intelligence and Internet of Things
Shenzhen-based AIDriving (in Chinese:中天安驰) announced it had obtained a Series C Funding worthing hundreds of millions of yuan from SBI China Fund. The cash will let the firm keep developing its core visual technology and the AloT platform, meeting clients’ demand and finding more opportunities to monetize.
The company finished its Series A funding in 2018, also got tens of millions B funding from Zhichen Capital and Yunqi Partners in 2019.
AIDriving was founded in 2013. It provides AloT (Artificial intelligence of Things) solutions mainly based on visual recognition, 5G and precise location. Its clients include business car fleet brands, financial, insurance and government entities. The firm stated they have partnered with over 1000 fleets, connecting to over 300,000 vehicles and reaching 32 provinces.
It raises revenues from selling safe and smart devices, AloT products and related services. AIDriving’s revenue and net income have exceeded CNY 100 million and CNY 10 million since 2018. The company also expects 2020’s revenue to enjoy a multifold increase.
AIDriving is one of Advanced driver assistance system designers benefitting from the increased demand and policy stimulus in recent years.