Alibaba-backed Zhejiang Ali Travel Investment has taken a 20% stake in a newly established technology company Smart Tour Tianfu.
Smart Tour Tianfu was initiated by government-affiliated Sichuan Tourism Promotion Center. Alibaba, New Hope Group, Sichuan Provincial Investment Group and other groups were brought into the venture that will build an operating system that integrates resources, product innovation, smart technologies, marketing as well as financial services to better serve local governments, enterprises and users, according to a report of e-commerce media 100EC.CN.
The startup will apply cloud computing, big data, virtual reality, 5G and other cutting-edge technologies to optimize resource integration, develop high-quality products to support online operation, equip local governments with data to conduct effective regulations, and promote the development of the cultural and travel industries in Sichuan province of southwestern China.
Ali Travel Investment was founded in July 2016 with RMB 50 million (USD 7.85 million) of registered capital, focusing on investment in the travel industry and consultancy services. The executive director and general manager is Zhuoran Zhuang, president of Alibaba’s travel unit Fliggy.
Data from 100EC.CN shows that online travel startups including Klook, Xiezhu Technology, Z-Trip, Xiangmengyou and OTM have collectively raised over USD 335.9 million in the past 11 months.
Travel experience reservation platform Klook secured USD 200 million in its series E round of funding in January.
Intelligent hotel solution provider Xiezhu Technology raised USD 45.6 million in its Series B financing round in late March.
Chinese travel management solution provider Z-Trip snapped up millions of US dollars in late July, three months after the company’s B round.
Xiangmengyou (XMY), a Chinese custom travel agency, received more than USD 1.5 million in its Pre-A funding round in October.