China VC Investment List Q2 2022 - Automaking

Automotive Author: Yuxi Hou Editor: Xiangqun Ji Jul 04, 2022 12:27 PM (GMT+8)

This is the first in a seven-part series on China's VC investment in Q2 2022. This series features firms spanning seven industries, including automaking, healthcare, New Retail, intelligent hardware, smart manufacturing, enterprise services and emerging technologies.

VC list

For automaking, we at EqualOcean have identified 20 companies worth watching in Q2. The core criterion is to receive venture capital investments of over USD 30 million on average or the equivalent value in CNY in a single round. When compiling the list, we also considered factors such as growth prospects, brand influences and reputation, as well as planned expansions.

From SMEs about to make their mark in the market, to well-established companies that have already raised significant funds and are still seeking further capital injections, here's a list you won't want to miss.


Easymove (Chinese:铱钼智能), founded in 2021, received tens of millions of CNY from a series angel funding round on May 19. This round of financing was supported by Vertex Ventures (Chinese:祥峰投资) and Bluerun Ventures(Chinese:蓝驰创投). Easymove is a giant intelligent mining truck developer focusing on R&B, design, production and sales. Its main products are giant intelligent mining wide-body trucks and electric constructive machinery used in specific conditions. 


The three-year-old startup Pufaffen (Chinese:普法芬) secured a series angel round for tens of millions of CNY on May 30; Launchdesign (Chinese:龙创设计) and Plum Ventures (Chinese:梅花创投) are investors of this round. Founded in 2019, Pufaffen is a NEV thermal system producer dedicated to the R&D on the NEV thermal management system. Its product mainly includes cabin thermal management, refrigerant, water heat management and three electric management software package.

Qiangua Tech

Chinese homegrown technology company Qiangua Tech(Chinese:千挂科技) bagged CNY 200 million (USD 2.99 million) from a series Pre-A round of financing on June 8. Fei Ding, the executive director of IDG Capital, and Haowen Sun, who used to be the senior director of R&D in小马智行), are the co-founders of Qiangua Tech. The company is served as an integrated auto service provider,whose business ranges from vehicle inspection and testing services, to car rental, R&D, and technical consultation. Moreover, Cathay Capital led this round and was followed by  Xianghe Capital and Bertelsmann Asia Investment.

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Maple Leaf Car Rental(MLCR)

MLCR (Chinese:枫叶出行), serving as a rental platform to offer high-end cars, closed its pre-A funding round for tens of millions of CNY on May 6. This round was led by NewMargin Ventures, with Dao He Capital (Chinese:道禾投资) and Jun Ying Investment(Chinese:君瀛投资) also taking part. MLCR is specialized in high car rental for business activities such as reception and celebrations, and its car brands mainly cover Mercedes-benz, Porsche, Ferrari, Rolls-Royce and so on. The proceeds will be used to build the digital operation system, improve brand image and continue to expand the brand and scale.


Founded in 2016, Chinese auto service supplier Enoch (Chinese:以诺行) raised tens of millions of CNY from a series A round of financing on June 21. This five-year-old startup is dedicated to creating a new pattern of automobile maintenance platform based on technology and Internet mind, whose business ranges from auto software, auto paint to auto parts. Chengwei Capital (Chinese:成为资本) was the exclusive investor of this round of financing, and the fund is poised to be or R&D of product, and market expansion. 


Dongguan Litongxing Automobile Parts Corporation (Litongxing) announced a series A funding worth hundreds of millions of CNY on June 17. Litongxing is a NEV parts supplier committed to providing power battery precision structural parts and NEV parts, and its main product contains power battery precision structural parts, connectors, battery PACK module components, and automotive hardware plastic parts. Besides, this round of funding is exclusively supported by Lock Capital(Chinese:洛克资本) and is expected to improve iterative capabilities, expand production capacity, and increase production capacity by 2 million sets per year.


LoveCarMaster (Chinese:爱车掌门) is a Chinese planted-based door-to-door car washing service provider whose function includes waterless car washing, car beauty, washing care and repair, car insurance and other integrated car services. And this company secure a series A round for CNY 10 million from Zhongnan Financial Holdings (Chinese:中南金服) on June 10. LoveCarMaster was founded in 2021, and this one-year-old startup is committed to integrating online and offline, providing convenient door-to-door services, and establishing a new way of car service in the digital era.


Founded in 2007, BiaoDi (Chinese:标迪电子) is an electronic technology company completing its series A funding round to the tune of CNY 10 million on June 8. This round of financing was led by Zhong Yuan Hua Dian (Chinese:中元股份) exclusively. The proceeds will be used for production, R&D and marketing. Besides, the main pruducts of BiaoDi cover vehicle DC fuse, MSD manual maintenance switch and so on, while the company has been dedicated to the NEV industry, energy safety, vehicle safety configuration and other fields to ensure the safety of high voltage since established.


Weizhen company(Chinese:维真验车) for professional car inspection raised tens of millions of CNY from a series A funding round on May 31. This series of funding came from ZiJin Investment Group (Chinese: 紫金科创集团) and Nanjing Kylin Venture Capital Corporation(Chinese:南京麒麟创业投资). Weizhen is a used car inspection platform serving as a third party, mainly providing car buyers with inspection services, and certified car inspectors are also hired for service. In addition, the company also offer training for car examiners’ certification.

Xiao Xiang Moped

In May, Xiao Xiang Moped (Chinese:小象助力车) closed a series A funding for CNY 20 million, led by Jin Zhun Capital (Chinese:金准资本). This two-year-old startup is committed to distributing shared moped bikes where there is demand in cities. And the funds raised will mainly be used for battery technology R&B in order better to meet the growing demand of domestic users for transportation.

Connect The World

Connect The World (Chinese:柯特瓦电子)netted tens of million CNY from a series A round of financing on May 24. This round of financing was led by Bondshine Capital(Chinese:邦盛资本) with participation from Chipai Capital(Chinese:芯湃资本). Connect The World is an industrial and automotive interconnected system provider dedicated to the manufacture of high-performance connectors, including industrial connectors, PV connectors and all kinds of antennas. Besides, this round of funding is used for talent recruitment, R&D, upgrade of production automation and other aspects to further enhance the company's competitiveness in the automotive industry and expand market share.

PhiGent Robotics

Found in 2021, this one-year-old startup has received three rounds of financing by now. The company bagged 30 million from the series A round of financing on May 18. Ince Capital(Chinese:渶策资本) led this round, with Atypical Ventures, 5Y Capital and GSR taking part. The proceedings were used for core technology R&D, mass production of high quality, large-scale implementation, and a wider range of commercial deployment. 

Ruqi Mobility

The homegrown intelligent mobile travel platform, Ruqi Mobility(Chinese:如祺出行), secured a series A round for an undisclosed amount of money on April 26. For the first time, Two head ADAS corporations: and WeRide (Chinese:文远知行), backed this round of financing for the same startup. The business of this four-year-old company ranges from vehicle&driver management to electric vehicle battery charging and other businesses to offer logistics services. And the funding from this round is poised to promote the commercialization of ADAS.


On April 2, FlexLab (Chinese:翰凯斯智能技术) scored tens of million CNY in a series A funding round from an anonymous investor. Founded in 2013, Flexbot is an ADAS algorithm developer, providing one-stop products for users based on artificial intelligence and metal 3D printing manufacturing system. And the company's core products include autonomous driving chassis, autonomous driving disinfection vehicles, sightseeing vehicles, logistics vehicles, retail vehicles and so on.

Chengdu Nuobikan Tech

Founded in 2015, Chengdu Nuobikan Tech (Chinese:诺比侃科技) closed a series B funding round for CNY 100 million on June 10. This round was financed by Pufeng Capital (Chinese:普丰资本), Yayi Venture Capital (Chinese:雅艺创投), Wangzhong Investment(Chinese:望众投资) and personal investment. Adhering to the concept of prudent management, continuous innovation, and opening up for cooperation, this company is dedicated to providing solutions and products of intelligent detection equipment.

HM Electron

Founded in 2009, HM Electron (Chinese:恒美股份), the NEV control system developer, secured a series B round for an undisclosed amount of money on April 3. And this round of financing was led by Junquanxin Capital (Chinese:浚泉信) SIDVC(Chinese:国发创投). Besides, HM Electron's main products are battery management system, motor controller, vehicle controller, online vehicle monitoring system, and hybrid power controller, which can be used in automotive, new energy, industrial control and medical industries.


Founded in 2017 by Professor Li Zexiang – renowned robotics entrepreneur and mentor, CiDi (Chinese:长沙智能驾驶研究院) received CNY 3 hundred million from a series C round on May 6. This company focuses on technological innovation and execution needed to create practical intelligent driving commercial vehicles and products. This round of financing is supported by China Xinxing Asset Management, Hunan Ruishi Private Equity Fund Management, Aiandao Fund and Chengdu Science and Technology Innovation Investment Group.


Movis (Chinese:魔视智能), a Chinese homegrown solution provider for ADAS, closed its series C funding round for hundreds of millions of CNY on June 13. This round of financing is exclusively led by Continental, and is expected to be used for developing and promoting intelligent logistics solutions that are suitable for China's road conditions and optimizing costs. Moreover, since founded in 2015, Movision is committed to applying artificial intelligence technologies like computer vision to the field of safe driving and information processing, which can analyze and deal with various driving accidents and handle unexpected behaviors of drivers.


Founded in 2015, Ehuandian(Chinese:e换电) is an sharing service provider of electric vehicles’ battery . Users in need can make an appointment for battery change directly on the mobile APP and also check the current battery level using the APP. This company raised hundreds of millions of CNY from a series C+ round of financing on June 28. The funding of this round is supported by PTT PCL, Petronas Chemicals Group, Sumitomo Mitsui Banking Corporation and Hyperchain (Chinese:趣链科技).


The Chinese homegrown self-driving travel car rental platform, Zuzuche (Chinese:租租车), completed a series D funding round for tens of millions of USD on April 20. Founded in 2011, this company focuses on providing car rental services for global self-driving travel. Meanwhile, it also provides Chinese customers overseas with free Chinese GPS, offline map, overseas car insurance, portable WiFi, local entertainment reservation, and international driving license service.