China Digest: SenseTime raises $60m; China Creation Ventures backs IceKredit; U-Parking fundraise

Sailing Capital has led a $60 million investment in SenseTime, a start-up focused on artificial intelligence, while the newly formed venture capital firm China Creation Ventures has participated in a $16 million round in IceKredit, a fin-tech company focused on SMEs. In another deal, parking management app U-Parking has raised $1.7 million from Gobi Ventures.

Sailing Capital leads $60m in SenseTime

Sailing Capital, an investment fund supported by Shanghai Municipal Government, has led a $60 million investment in SenseTime, a Beijing based artificial intelligence start-up, as per a China Money Network report.

Founded in 2014, SenseTime’s technology of face recognition is used in over 300 companies including China Mobile Communication Co, China UnionPay and Huawei Technologies Co Ltd.

The company that is building its work on deep learning infrastructure is also looking to compete with global IT companies like Google and Facebook. It also provides text, vehicle and image recognition to mobile Internet companies, financial services and security companies and boasts of having an error of one in 100,000.

SenseTime had previously raised $120 million round from CDH Investments, Dalian Wanda Group, IDG Capital, StarVC and others to expand the application of its technology.

China Creation Ventures invests in IceKredit

The new China focused venture capital firm, China Creation Ventures, had led a RMB110 million (US$16 million) series A investment in IceKredit Inc, a fin-tech company catering to small and medium sized enterprises.

As reported by China Money Network, IceKredit had closed the financing round by the end of last year.

The other investors who participated in the round included Lingfeng Capital, a Beijing-based private equity firm focused on fin-tech.

“We believe that the innovative finance sector still has massive growth potential,” said Zhou Wei, co-founder of China Creation Ventures in the report.

China Creation Ventures had recently raised its first fund of RMB1.5 billion ($220 million) targeting early and growth stage investments.

IceKredit provides services based on the individual credit assessment system, SME credit assessment system, and its customers include Unionpay, Shenma Finance, NetEase Small Loan and Singapore’s Temasek Holdings.

Led by Dr. Gu Lingyun, founder and CEO of IceKredit, the firm had earlier received investment of RMB20 million angel from FreeS Capital, Yunqi Partners and Will Hunting Capital.

U-Parking raises $1.7m for expansion in China

China’s U-Parking, an app that helps book a parking space, has raised RMB12 million (US$1.7 million) in a Series A round led by Gobi Ventures, e27 reported.

The app that started in Beijing is backed by Beijing Base Technology Co Ltd. The new funding will help the company reach out to more cites in China including Shanghai, Guangzhou and Shenzhen.

U-Parking is currently in charge of 5000 parking spaces in China, and can also be accessed through WeChat account.

Other well-known apps that tackle the problem of parking spaces in China include ETCP, Tingchebao and Ubo.

Also Read:

China Creation Ventures raises $220m fund to tap tech, life science segments

China: Dalian Wanda unit closes $230m series B in smart parking app ETCP

China: AI startup SenseTime raises $120m led by CDH Investments