Alternative investment product provider Investcorp has today announced that it has invested in Terminus Technologies, a provider of artificial intelligence (AI) city and internet of things (IoT) technologies.
Earlier this year its first full AI city began construction in Chongqing, China, which will see smart technologies embedded across city infrastructure, including through a smart parking management system. Chinese state media has reported that Chongqing will become Asia’s largest smart city when it is completed.
Elsewhere, Terminus is promoting the construction of a global network on AI-backed smart cities, with Dubai and Shenyang among those that have agreed to participate.
“We believe that the world is in the midst of transforming from the age of the internet to the age of intelligence,” said Victor Ai, founder and CEO of Terminus Technologies, commenting on the announcement from Investcorp.
“This transformation will have substantial near and long-term implications for global economies, making the upcoming decade the beginning of the era of so-called ‘intelligent economies’.
“Terminus Technologies is committed to becoming a global leading force behind the intelligent transformation of global cities. For the sake of this vision, Terminus Technologies is also actively promoting the virtually unlimited digital interconnection between the cities, boundless information exchange, and much more.”
Investcorp eyes China potential in AIoT with investment in Terminus Technologies
The investment in Terminus Technologies comes as growing numbers of investors, including Investcorp, look to China for growing potential in AI and IoT, known collectively as AIoT.
“China and its respective enterprises have accumulated considerable experience in AIoT, resulting in the number of companies growing at a scale never heard of before,” said Hazem Ben-Gacem, co-CEO of Investcorp.
“Investcorp is optimistic about the market development prospect and the growth of China’s AI economy. Terminus Technologies has performed exceptionally well and secured its place among top-tier hi-tech companies in the world, which shows us the company’s potential of becoming the driving force for the digital transformation worldwide.”