Shenzhen-based Qinlin Technology has completed its Series B financing round, taking in “several hundred million in RMB” (which amounts to multiples of USD 14.9 million) from investors including Xiaomi and JD.com’s fintech arm JD Digits, 36Kr reports.
Qinlin, a Software as a Service (SaaS) vendor, did not disclose the actual sum. The firm offers property-management companies a free door-access app in exchange for the right to circulate information on it, including ads, to all residents living in a complex.
Via this system, residents can unlock doors in various ways including scanning a code, showing their faces, or tapping in via their Xiaomi smartphones that have a near-field communication function.
Qinlin has also added a group-buying site inside this system, allowing residents to buy goods such as fresh produce at discounted prices.
The company revealed that it has so far established this system in 25,000 neighborhoods in more than 100 cities all over China.
Qinlin, which was set up four years ago, said that it has already turning profitable since 2017 and plans to cover 150 to 200 cities by the end of this year.
36Kr is KrAsia’s parent company.
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