Ping An WiFi, a mobile app under Ping An Insurance providing WiFi services, announced Wednesday that it has secured a 550 million yuan ($79.9 million) investment from high-tech startup KuangChi Science Ltd to improve WiFi services in Shenzhen.
The two companies have set up a joint venture while also initiating the establishment of a smart WiFi application alliance, with the aim of pushing the construction of smart cities forward.
The joint venture will pour 100 million yuan into the alliance for research and development to help various industries connect better with internet services.
Chen Kexiang, vice general manager of Ping An Insurance, said Ping An WiFi and KuangChi have complementary advantages.
While the large user base of Ping An WiFi provides a platform for KuangChi to apply its new technology, KuangChi's innovative capability can help Ping An WiFi grow technologically, he said.
Based on meta-material technology, KuangChi developed Super WiFi, which is able to provide quick and safe WiFi services in large areas with heavy user traffic.
So far, Super Wifi has been applied in a number of places, including the finale of the fourth season of The Voice of China, a Chinese singing reality TV show, offering service for 60,000 audience members, Zhang Yangyang, chief executive officer of KuangChi, said.
The number of registered users on the Ping An WiFi platform has hit 80 million, according to the company.
