The market for automotive thermal management systems is expanding.
Auto thermal control firm Pufaffen Tech(Chinese: 普法芬) announced the completion of an angel funding round worth tens of millions of CNY today, led by Plum Ventures, followed by Launch Design.
Zhang Liang, the founder of Pufaffen Tech, said that the funds from this round will be used to expand the R&D team, conduct a multi-location strategic layout close to customers, and further enhance and promote the brand.
Founded in 2019, Pufaffen Tech is a technology company dedicated to the R&D of thermal control software for new energy vehicles. Automotive thermal management is to ensure that the vehicle's mechanisms operate at the right temperature and that the driver and passengers have a comfortable ambient temperature.
Chasing Securities (Chinese: 财信证券) expects the size of China's automotive thermal management market to be CNY 100.2 billion (USD 15 billion) in 2025, of which CNY 65.3 billion (USD 9.80 billion) will be for new energy vehicles.
Most suppliers in the market today offer an integrated hardware and software delivery approach, but there are drawbacks to this approach. Car companies are updating their models at a rapid pace, and therefore the demand for iterative product upgrades from component suppliers is increasing. Due to the long product development cycle of hardware and software integration, the performance and form of products cannot meet the changing and increasing requirements of car companies in time.
Zhang Liang said that Pufaffen Tech provides software algorithms to car companies, which can enable them to develop more functions adapted to new scenarios on the basis of unchanged hardware devices. This will not only help car companies to improve the customer experience, but also continue to reduce the cost of the relevant systems.
The competitors of Pufaffen Tech include Real Tech (Chinese: 锐莱科技), Yuxin Tech (Chinese: 豫新科技), Cnthcn (Chinese: 畅诺热控) and Tongda Electric (Chinese: 通达电气).