Fosun RZ Capital, the venture capital unit of conglomerate Fosun Group, formerly known as Fosun Kinzon Capital, has led a RMB50 million (US$7.7 million) series A financing round in Shenzhen-based indoor positioning service provider Shunwei.
Chinese big data company Jiguang, which is also one of Fosun RZ’s portfolio companies, also participated in this round, according to a company announcement.
Founded in 2014, Shuwei provides indoor positioning services for mobile Internet platforms and smartphone manufacturers, based on its patented device-free indoor location engine. Its technology has been applied to a number of setting, including shopping malls, train stations, office buildings and restaurants in 136 cities across the country. The company claims that it has 100 million monthly active users.
Shuwei also launched an open precision marketing platform. For example, when customers are in a car dealership looking to buy a vehicle, the app will offer them relevant contents related to the vehicle, as well as information about similar cars.
“Shuwei and Fosun have cooperated on a number of projects. In the future, our cooperation will expand to other sectors in Fosun’s ecosystem, ” said Grace Liu, a senior director at Fosun RZ. “Fosun’s big data ecosystem will be the best bridge connecting brands with consumers.”
Shhuwei plans to use the latest proceeds to expand its indoor positioning services into over 200 cities in China by the end of this year.