Chinese IoT firm Terminus raises $172.7m from IDG Capital, others

Chinese IoT company Terminus has landed a RMB1.2 billion ($172.7) Series B funding led by China Everbright, IDG Capital and Shangtang Technology (SenseTime).

According to the company, this financing has marked the biggest deal in what it calls AIoT in China, which is artificial intelligence-powered Internet of Things. It followed a RMB500 million Series A round in July last year from IDG Capital, China Everbright and CITIC Private Equity.

Terminus will increase investment in product development as well as recruitment with the new funding, it said in a statement.

The company will receive support from SenseTime with their AI technologies in operations and product development.

SenseTime itself is the world’s biggest AI startup, which has raised over $1.2 billion in a Series B round at a valuation of more than $4.5 billion.

Terminus provides one-stop solutions for customers in different industries across 70 cities of 30 provinces in China. It claimed to have covered a total of 8,335 projects.

Chen Shuang, CEO of China Everbright, said that Terminus’ solutions will soon enter the public sector facilities like government bodies, schools and hospitals.

“China Everbright has always adhered to the combination of traditional economy and innovation in investment. Terminus, empowered with new technologies, is helping upgrade the traditional industries,” he said.

Shuang added that his firm will support Terminus with a lot of development momentum, from strategy formulation to risk management.

Hugo Shong, founding partner of IDG Capital, commented: “Industrial Internet of Things is an inevitable trend that cannot be ignored. Terminus is a young, distinguished and aggressive team who is highly focused on implementation.”

Also read:

Terminus Tech secures $73m series A

Alibaba-backed facial recognition firm SenseTime raises $620m Series C+