(Yicai) Aug. 20 -- Qianxun Spatial Intelligence, a Chinese tech firm providing precise positioning and navigation services using China's Beidou satellite navigation system, has completed a new strategic financing round.

The proceeds will be invested in the low-altitude economy, vehicle-road-cloud integration, intelligent driving, and space-time chips, the Shanghai-based company said yesterday.

Qianxun's valuation exceeded CNY16 billion (USD2.2 billion) after the fundraiser led by Beijing Information Industry Development Fund, it noted, without disclosing how much money it bagged. Shanghai Shuyu Dingyuan Private Investment Fund, Beijing Dongcheng District Science and Technology Innovation Industry Investment Fund, and Qingdao Zhonghe Xingyao Venture Capital Fund also participated, it added.

Founded by China North Industries Group and Alibaba Group Holding in August 2015, Qianxun attracted state-owned firms and social capital, including Shanghai International Group, ICBC Financial Asset Investment, China State-Owned Capital Venture Investment Fund, Sorghum Qihang, Beidou Qixing Investment, and Moganshan High Tech Navigation in Series A fundraiser and subsequent equity adjustment.

Based on the basic positioning data of the Beidou Navigation Satellite System, Qianxun uses over 5,000 satellite and ground-based enhancement stations of the Global Navigation Satellite System, self-developed positioning algorithms, and large-scale internet service platforms to provide intelligent positioning, navigation, and timing services. It connects over 2.1 billion smart devices and provides over 10 billion daily services, covering more than 230 countries and regions.

Editor: Martin Kadiev