IoV service provider TransWiseway raises RMB 700 mln in Ant Financial led funding round
Dec 05, 2018 (China Knowledge) - TransWiseway, which develops transportation information systems for traffic monitoring, has raised RMB 700 million for its series-A funding round led by Ant Financial. The announcement of the funding round was made on Tuesday.
The investment comes as China has developed to become the world's largest market for road transportation, with a market size of RMB 5 trillion in 2017.
The company which was founded back in 2004, offers an internet of vehicles (IoV) platform through which clients are able to collect and analyze data from connected vehicles in real-time. In addition, users are able to access traffic, weather, route, vehicle maintenance and driver safety data through smart devices in their vehicles.
The data collected can be used in app development as well as to help transportation companies and drivers become more efficient and cut costs.
TransWiseway claims to collect data from more than 95% of heavy-duty trucks in China across 31 provinces. Its clients include municipal transportation administrative agencies, transportation firms, and other government-owned authorities and enterprises.
As of May, this year, the company had 5.3 million vehicles registered on its platform with the number increasing by 5,000 everyday on average.
The new funds will be used to develop new applications for the company's IoV platform and financial services.
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