Xiaomi invests in smart parking solution provider AIPark

Shanghai (Gasgoo)- Xiaomi Group recently made a strategic investment in AIPark, a Beijing-based smart parking management solution provider, according to an announcement AIPark posted on Aug. 23 via its WeChat account.

Photo credit: AIPark

The investment is expected to help boost the multi-scenarios business collaboration between AIPark and Xiaomi's smart ecosystems, said AIPark.

Founded in June 2015, AIPark is a tech firm with “AI smart parking + big data operation platform” at its core. The company says it applies the high-level image recognition technology to the commercial use of urban smart parking management, focusing on “providing smart solutions for city static traffic in the world”.

The parking solution supplier manages an App named AIPark (dubbed “Aiboche” in Chinese), which allows drivers to book parking lots and pay for the service directly via the App. To make its App usable, AIPark upgrades traditional parking spaces into “smarter” ones by employing its in-house developed visual recognition and video-enabled parking management technologies. 

In 2020, AIPark completed four rounds of fundraising. Its investors include Gaorong Capital, Asia Green Fund, NIO Capital, China Capital Investment Group, BOCOM International, and other renowned financial institutes.

Up until now, AIPark's city-level smart parking solution has been put into commercial use in nearly 30 cities, including Beijing, Guangzhou, Shanghai, Zhengzhou, and Tianjin.

Since the announcement of the foray into intelligent EV domain on March 30, 2021, Xiaomi has invested in some companies working on automotive and traffic-related business. Chinese autonomous driving startup ZongMu Technology announced on June 3 the completion of its Series D funding led by Xiaomi Changjiang Industrial Fund, a fund backed by Xiaomi.