Guangdong-based SFMap Technology, a subsidiary of China’s largest private courier, SF Express, has completed its Series A round of financing, bagging more than RMB 100 million (USD 14.1 million) led by Everest Venture Capital, local tech media 36Kr reported on Friday. Oriza Holdings, Maison Capital, and Jade Capital also participated in this round.
SFMap will ramp up its efforts to expand in industries including smart city, industrial internet and smart supply chain, said the company’s CEO Zhou Xunfei.
Incubated by SF Express and spun off in 2018, SFMap focuses on the development of high-definition map technology driven by artificial intelligence (AI), with an aim to provide location services to governments, enterprises, smart devices, and individuals.
The Guangzhou-based startup was granted a license to develop high-precision maps by the Chinese government in November 2019, which so far has been issued to only 22 companies in China including Huawei and JD.com.
36Kr is KrASIA’s parent company.
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.