Shanghai and Hong Kong, China, October 16, 2018 – Welkin, a China-focused mid-market growth equity investment firm, today announced that it has completed a significant investment in Xinzailing Technology (“Xinzailing”), a provider of a AIOT solutions that connect elevators to the cloud to digitally transform elevator safety, maintenance, and media. Welkin led and was the sole institutional investor in this latest round of Series C financing in Xinzailing.
Xinzailing was founded in 2007 and is a pioneer in digital elevator technology solutions in China. Through its cloud-based Yunti Platform, Xinzailing uses artificial intelligence and IOT technologies to perform real-time monitoring of elevator health and safety and provides real-time analytics that can be integrated into a wide array of use cases, including elevator maintenance services, smart city platforms, insurance platforms, connectivity with emergency services and public health systems, and property management solutions. Built on top of this platform, Xinzailing also offers digital-out-of-home advertising solutions in elevators that enables real-time performance measuring and targeting and programmatic advertising. Today, Xinzailing solutions are installed in 50,000 elevators across two cities, with plans to expand coverage into over 100 cities in the next few years.
“Xinzailing has developed a unique suite of technologies to improve the efficacy of elevator safety and maintenance,” said Jiang Pu, Managing Director at Welkin. “We’re excited to partner with Xinzailing to support the deployment of its solutions across China. Elevators are a gateway into the home and office that hundreds of millions of people ride every day, and there is an installed base of over six million elevators in China that are ready to be brought into the digital age.”
With this latest round of funding, Xinzailing will expand its digital elevator network, and deploy its cloud-based solutions for governments, property managers, and businesses.
Welkin focuses on investing in the digital transformation of traditional industries as one of its core investment themes. The investment in Xinzailing represents Welkin’s fourth investment in tech-enabled enterprise solutions, following its investments in Tianxia Technology and ALOG Technology in 2017, and Tuhu in 2015.
Welkin is a China-focused mid-market growth equity investment firm with a distinguished family heritage and strong entrepreneurial roots. Founded in 2009, Welkin invests in niche-leading, growth stage companies in China on behalf of global institutional investors and the firm’s employees. Welkin deploys its local resources, industry knowledge, and operating expertise, to drive impactful value creation and help companies achieve their full growth potential. For more information, please visit www.welkincapital.com
Xinzailing is China’s leading provider of digital AIOT elevator solutions through its Yunti elevator safety platform, Weixiaobao elevator maintenance platform, and ETStar elevator digital-out-of-home advertising platform. The company’s solutions substantially improve elevator safety, reliability and lifespans, reduces elevator operational costs, and enables real-time engagement with riders. Founded in 2007, Xinzailing is based in Hangzhou. To learn more, please visit www.zailingtech.com.