Recently, Nasn Auto closes CNY 400 (USD 60 million approx.) million series B funding, led by Matrix Partners China.
Nasn Auto Shanghai Office. PHOTO: Credit to iYiou
Recently, Nasn Auto (拿森汽车), a Shanghai-based company, closes CNY 400 (USD 60 million approx.) million series B funding, led by Matrix Partners China(经纬中国), with participation from Qiming Venture Partners (启明创投), Jinpu Investment (金浦投资)、Shang Finance(尚融资本)和 Maison Capital(麦星资本).
Nasn Auto was founded in 2016. It manufactures electronic chassis control products. Its products include an NBooster intelligent brake system, a brushless electric steering EPS controller, and wire control systems.
When it first started, it raised several million (CNY) from its angel investors. Later in April 2018, it raised CNY 100 million (USD 15 million approx.) from Qiming Venture Partners and Jinpu Investment.
YI Ming (尹明), the managing director at Qiming Venture Partners, said the car electronic products industry will benefit from the growth of alternative energy vehicles and self-driving industries. That's why they would consider investing in Nasn Auto, which they reckon among tier 1 Chinese companies.
Nasn Auto announced that this round of funding will be mainly used to promote construction of factories at stage 2, further R&D on NBooster and EPS Plus and expand operation and R&D team.
Nasn Auto has the vision to be the Bosch of China. According to research conducted by iYiou, Bosch and other leading multinational companies in this field completed R&D at their headquarters and assigned operation and development tasks to targets markets. That’s to say, it takes time for decisions to be made at the headquarters to implement at each individual market. Nasn Auto plans to take short implementation time to compete with their foreign rivals.
Nasn Auto’s NBooster is aiming at Bosch’s iBooster, In 2018, EC3, an alternative energy vehicle, manufactured by BAIC Group (北汽集团) has used NBooster braking system. Moreover, it also worked with Baidu and Kinglong (金龙), a Chinese bus manufacturer to develop the first L4 autonomous shuttle bus equipped with a Nbooster. It says with Nbooster, fuel efficiency and travel range will be enhanced.