(Yicai Global) March 14 -- Smart parking operator Cheweiguanjia Shenzhen Technology Co. has raised CNY100 million (USD16 million) in its A+ funding as it looks to extend across more than 60 cities across China this year.

The expansion will cover nearly 10,000 parking lots and allow managing firms to let go of around 30,000 wardens, saving a total of CNY1 billion each year, investment news agency PEDaily reported, quoting Chief Operating Officer Ling Guangwen. Qianbao Holding and Yuedao Capital both participated in the funding round.

Cheweiguanjia focuses on researching and developing smart parking systems and lot management. It combines Big Data, artificial intelligence and the Internet of Things to provide unmanned parking solutions for managers to cut labor costs and improve efficiency, while making life easier for car owners.

As of the end of last year, it had rolled out services in 24 cities across China, helping more than 1,200 leading commercial complexes, hotels, hospitals, office blocks and residential projects better manage parking.