EDMONTON, Alberta, April 07, 2020 (GLOBE NEWSWIRE) -- iSmartWays Technologies Inc., an Edmonton-based technology company and global leader in connected vehicle (V2X) and transportation technology announces a multi-million Pre Series-A funding agreement with investors SAIC Capital and ChinaEquity Group.
“This investment will help strengthen our existing V2X capabilities and expand our R&D competences in 5G-based Cellular-V2X, automated vehicles and smart mobility,” says Dr. Tony Qiu, Engineering Professor with the University of Alberta and iSmartWays co-founder. “Furthermore, this financial contribution will help support our North American expansion plans, including the hiring of highly qualified personnel to accelerate the deployment of connected vehicle solutions throughout North America and the world.”
Connected vehicle technology is transforming roads, communities and personal lives. Using wireless communication technologies to communicate with the driver, other vehicles, roadside infrastructure and the cloud, connected vehicles allow drivers to reach their destinations quickly, safely and in a cost-efficient manner. With connected vehicles rapidly gaining traction among automotive manufacturers and road authorities, the global connected car market size is projected to reach over USD $200 billion by 2027.
“iSmartWays has a strong portfolio of products, technology and a team with comprehensive global experience. In addition to achieving a top position within the Chinese market, iSmartWays began rapidly developing its North American market. Relying on their technical strengths and excellent team, iSmartWays successfully completed SAIC Motor’s C-V2X mass production and automated driving demonstration pilot. At the same time, we look forward to iSmartways’ data driven solutions to help with SAIC’s future mobility platform.”
- SAIC Venture Capital
“Over the past few years, we’ve paid close attention to the development of automated driving and smart transportation. Our investment targets focus on large market opportunities, strong leadership, innovative products and consistent and quality customer relationships. We are optimistic that iSmartWays can be the global innovative leader we’re looking for in the vehicle-to-infrastructure smart transportation field and we will spare no effort in fully supporting iSmartWays.”
- ChinaEquity Group
“With our technology, governments can better plan transportation budgets, improve public ridership and optimize transit networks,” says Qiu. “For industry and individuals, they can move people and goods in a more efficient and safe manner.”
About iSmartWays
As an innovation driven company committed to solving today’s and tomorrow’s transportation challenges, iSmartWays is a global leader in connected vehicle technology. Its vision is to make travel smarter, safer and more enjoyable for people. iSmartWays specializes in research, development and manufacturing of connected vehicle hardware and software solutions.
About SAIC Venture Capital
SAIC Capital is a corporate venture capital firm established in 2014. Its purpose is to establish SAIC as a major player in developing leading-edge technology for the transportation industry. It is located on Sand Hill Road in Menlo Park, California, at the heart of Silicon Valley.
About ChinaEquity Group
ChinaEquity Group is one of the earliest and largest private equity and venture capital firms in China. In 2015, the firm was rated as one of the top 25 private equity and venture capital firms in China by Forbes with an estimated equity value of over US$3 billion. ChinaEquity Group has led over a hundred investments that span a wide range of industries ranging from clean energy to healthcare industries.
For more information:
iSmartWays
Website: http://ismartways.com/
E-mail: info@ismartways.com
Telephone: 780-438-6086