Shanghai-based technology startup Jidouauto.com raised 53 million yuan ($7.97 million) from investors, and is expected to seek a more than 10 percent share in the automotive aftermarket within 2 years, according to the company's founder Wang Yifei.
The company announced on Wednesday that it has completed series A financing, led by a leading cleantech venture investment firm Tsing Capital, and a local internet angel capital fund called Zhizhuo Group.
"We aim at creating better intelligent navigation experiences for consumers, so that they can receive convenient services in the Internet of Vehicles, instead of using navigation on their cellphones." Said Wang Yifei.
The Internet of Vehicles, pioneered by Google cars, is the convergence of the mobile Internet and the Internet of Things, containing communications, intelligence and learning capabilities to anticipate users' intentions.
Established in 2014, the Internet of Vehicles company provides online car services, such as vehicle navigations, aiming to help consumers who own ordinary cars enjoy the same experiences as Tesla owners.
As of today, the company is able to provide services for 2,000 cities in China, containing nearly 5,000 offline service points. Among them, 300 can offer home installation services.
Wang said that the new cash would be invested on the research and development of the products and to enhance team building.
The company also introduced new vehicle navigation on Wednesday, priced from 1,999 yuan, to target consumers with limited budgets who still want intelligent driving.
