Smart hotel solution provider Systemteq lands million-dollar funding round
The company works with Alibaba to create smart hotels.
Beijing-based Systemteq, a smart hotel solution provider, announced that it has raised nearly ten million yuan (around USD 1.46 million) in a round led by Turbo Capital and Anshan Laser Industry Private Equity Fund. The proceeds will be used for technology development and marketing.
China's hotel industry has experienced drastic development over the past decade and the competitive landscape has shifted into a focus on existing properties and differentiation strategies. By leveraging information technology and artificial intelligence, smart hotels will help bring innovation to the hospitality industry and draw attention from the tech-savvy millennial consumers that have become the major group of business travelers.
Asian technology companies are quick to capitalize on the opportunities of smart hotels: The joint venture of Alibaba Group and Marriott International announced last month that it is spearheading Marriott International's facial recognition check-in pilot with Fliggy, Alibaba's travel service platform; Baidu has partnered with InterContinental Hotels Group to launch several AI smart rooms at its hotel in Sanlitun, located in Beijing's Chaoyang district.
Systemteq was established in 2014 to provide integrated system solutions for intelligent hotels and homes. It is now working with Alibaba to create future smart hotels.