(CBN - Global) April 20 -- Big data analytics service provider Shence Internet Technology Co., also known as Sensors Data, has completed CNY26 million (USD4 million) in first-round funding led by venture capital firm Sequoia Capital China, the company announced yesterday.
As transportation costs rise, companies focus on how to ensure efficient utilization of traffic flow and how to maximize the value of it, according to Mr. Ji Yue, partner at Sequoia Capital China. This business is an untapped goldmine and will be a profitable sector of the Chinese market in the future.
This round of funding will allow the company to increase its investments in product and technology research and enable it to focus on developing its traffic forecasts, user profiles and full end-to-end event tracking management, said Mr. Sang Wenfeng, founder and CEO of Sensors Data.
Most of the founding members of the Beijing-based company came from Chinese internet giant Baidu Inc. [NASDAQ:BIDU] big data unit.