EV Steering Supplier DECO Received 60 Mn of CNY from B Round of Financing

Automotive Author: EqualOcean News, Wenqing Zou Editor: Ziying Wu Sep 26, 2022 06:04 PM (GMT+8)

Intelligent vehicle steering technology company DECO has completed its B round financing worth CNY 60 million, which is expected to be used in steering system R&D.

Steering wheel

On September 23, the Tianjin-based auto steering technology company DECO (Chinese: 德科智控) completed its round B equity financing of CNY 60 million (USD 8.37 million). The investors include Pengchen Xunda Fund (Chinese:鹏晨迅达), Pengchen Ruizhi Fund (Chinese: 鹏晨瑞智), Suzhou Trend 1 Venture (Chinese: 苏州趋势一号), and Zhixuan Venture(Chinese: 智选创投). In addition, the company used to secure strategic financing from Huiyou Capital (Chinese: 惠友资本), which amounted to CNY 50 million. 

The fund will be mainly used for research and development of smart car steering, including electric power steering (EPS) and steer-by-wire steering (SBW), the establishment of factories, the iteration of core products, and the introduction of high-end talents.

DECO, founded in 2011, is a vehicle intelligent X-by-wire technology supplier. It owns the redundant algorithm for the L4 intelligent driving SBW system and the L2-L4 hardware platform. Its SBW products meet ASIL-D safety standards, assisting business partners in realizing the commercialization and mass production of L2-L4 autonomous driving vehicles.

With technological autonomy and low-cost advantages, Chinese domestic auto parts suppliers like DECO are expected to emerge among the international Tier 1 companies.