Feibao is accelerating its business layout and further promoting the digital transformation of municipal solid waste industry with the fresh funding.
Feibao Intelligent (Chinese: 飞宝智能), a digital operation company for municipal solid waste disposal, recently announced its completion of a Pre-Series A funding round worth tens of millions of CNY. The investors are Vinno Capital and Toda Capital.
The money will be mainly used to accelerate Feibao Intelligent's business expansion and help it play a role in low-carbon municipal waste treatment and resource recycling.
At present, the degree of digitization in China's municipal solid waste disposal industry is generally low. Based on the research and application of technologies such as mobile internet, big data, blockchain and artificial intelligence, Feibao Intelligent can digitize the solid waste removal management of merchants, communities, enterprises and institutions.
The municipal solid waste treatment and recycling industry is supported by a number of policies, such as China's “dual carbon goals,” where the country vows to cap its carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060.
From an investor's perspective, the market space for urban solid waste management and recycling industry is huge and the volume scale in China is over trillion, said Zhang Qi, partner of Vinno Capital. In addition, Feibao Intelligent already has the ability to replicate the business in bulk, which will significantly improve the efficiency of the industry.
Bian Pengxuan from Toda Capital also said that the market of urban solid waste recycling management is broad enough, and the digital transformation of waste production, collection and transportation, and disposal has reached a critical point.