China Everbright Limited (CEL), a cross-border investment and asset management firm, has led an RMB2 billion ($283 million) into China’s smart city solution provider Terminus Technologies, according to an announcement.
China’s e-commerce giant JD.com, real estate developer Wanda Group, and voice recognition technology developer iFlytek also participated in this round.
Terminus will use the funds to hire talent and to develop its core business, it said.
Terminus Technologies, incubated by Everbright Holdings, is looking to build China’s largest urban-level intelligent IoT platform to provide urban management, population management and construction for governments and enterprises.
The company claims that it has maintained an average annual growth rate of over 200 per cent since its establishment in 2015. Its R&D centers have been set up in Beijing, Shanghai, Chongqing, Wuhan, Shenzhen and others with more than 8,400 projects across the country.
In January, China Everbright Ltd announced the final close of its North America and Europe-focused investment vehicle, CEL Global Investment Fund, at $539 million.
The vehicle, that was launched in the second quarter of 2016, primarily invests in equities of the companies located in North America, Europe, and Asia with a track record and a sound business model and with strong growth in China.