(Yicai Global) Oct. 26 -- Less than three months after its last financing round, Smart convenience store operator fxBox, which Beijing Fast X-Box Science and Technology Co. owns, raised USD7.57 million (CNY50 million) in series A funding in a round led by Cherubic Ventures that valued the firm at USD37.87 million, 36Kr reported.

fxBox transforms small physical areas (usually around 20 square meters) into unstaffed convenience stores offering different services and commodities. Compared with other box-style unstaffed convenience stores, fxBox shops are more similar to traditional convenience stores. fxBox is legally compliant.

After scanning a barcode and having their faces scanned, customers can purchase multiple goods at once in fxBox shops. Shoppers can arrange to pay using a facial recognition system and can get video assistance from customer service.

The operating capital of a single store ranges from CNY2,000 to CNY5,000, which can support a balance between revenue and expenditure, fxBox founder and Chief Executive Zhao Liang said

Stores can start to be profitable after six months to a year, Zhao said.

Zhao expects that in the next half year, fxBox will achieve its goal of deploying 500 direct sales stores nationwide and in two to three years, he hopes that the company will own 3,000 fxBox smart convenience stores in the country.