We at EqualOcean tracked the major funding rounds or industry events that took place in China’s automotive market in October 2022. And the following is a list of deals that we have selected for you, based on a number of criteria, including the funding amount, the financial backers, and the segments in which the companies operate.
Botree Cycling (Chinese: 博萃循环) completed its A-round financing of tens of millions of CNY jointly led by Zhidao Investment Management (Chinese: 致道投资) and CAS Star (Chinese: 中科创星) and followed by Wuzhong Financial Holding (Chinese: 吴中金控) and MiraclePlus (Chinese: 奇绩创坛). Botree Cycling is a company devoted to providing full solutions for the recycling of critical battery materials. By recycling battery materials and supporting circular design, Botree Cycling is working with the entire industry chain to build a truly sustainable and carbon-neutral future.
On October 19, PowerShare (Chinese: 电享科技), a Chinese domestic leading digitization energy services provider, announced the completion of its A+ round of financing, which was led by Volvo Cars Tech Fund (Chines: 沃尔沃汽车科技基金) and followed by its two previous investors, namely bp Ventures (Chinese: bp风投) and Alliance Ventures (Chinese: 雷诺-日产-三菱联盟基金). PowerShare is a Shanghai-based energy digitization solution supplier which specializes in battery AI and distributed-energy storage technology research.
On Oct 20, Guangzhou Automobile Corporation announced that its NEV marque Aion (Chinese: 广汽埃安) has completed A-round financing of CNY 18.29 billion (USD 2.52 billion), which was jointly invested by PICC Capital Equity Investment (Chinese: 人保资本), China Southern Power Grid Equity Investment Capital (Chinese: 南网能创), Chinese Structual Reform Fund (Chinese: 国调基金), Shenzhen Capital Group (Chinese: 深创投), CITIC Goldstone Fund Management Company (Chinese: 中信金石), Guangzhou Industrial Investment Fund Management Company (Chinese: 广州产投集团). Established in 2018, GAC Aion is an NEV marque incubated by GAC group.
On October 19, DD Yuntong (Chinese: 得到运通), a Chinese domestic new energy engineering vehicle manufacturer, announced the completion of its B-round financing worth tens of millions of CNY, which was invested by Phoenix Tree Capital (Chinese: 梧桐树资本) and PKSHA SPARX Algorithm Fund. Jian Yi Hui(Chinese: 健一会) was the exclusive financial advisor. Founded in 2019, DD Yuntong is a Beijing-based engineering vehicle manufacturer focusing on researching extended-range new energy technology and self-driving technology.
On October 13, CV2X solution supplier Nebula-Link (Chinese: 星云互联) received more than CNY 100 million (USD 14 million) from its B+ round of financing, which was co-invested by ZGC Science City Fund (Chinese: 中关村科学城科技成长基金), Qualcomm Ventures (Chinese: 高通创投) and Changjiang Capital (Chinese: 长江资本). Nebula-Link, founded in 2015, is dedicated to developing ICV and V2X service applications and has branches in Beijing, Shanghai, Changsha and Hefei.
On October 10, Zlingsmart (Chengdu) Technology Co., Ltd. (Chinese: 中瓴智行科技有限公司), a Chinese software solutions provider, completed its Pre-A round of financing worth nearly CNY 100 million (USD 14 million). This is the company’s second round of funding in 2022. Investors include Oriental Fortune Capital (Chinese: 东方富海), Everest Venture Capital (Chinese: 朗玛峰创投) and its long-term supporter CICV (Chinese: 国汽投资). Zlingsmart focuses on independently developing complete software solutions for key industrial sectors, especially IoV and AI technology applications for autonomous driving, rail transportation and industrial operations.
On October 10, Autowise.ai (Chinese: 仙途智能) announced the completion of its B++ strategic round of financing, which was invested by Sense Capital (Chinese: 国香资本). Founded in 2017 by Huang Chao, the former head of transportation platform Didi's autonomous driving research team, Autowise.ai is committed to developing driverless technologies. The company established one of the earliest Robotaxi fleets in China in 2017, which was tested in Shanghai, and successfully obtained the automatic driving test license in the city.
On October 10, intelligent driving system solution supplier Anngic (Chinese: 安智杰) announced the completion of its C-round financing exceeding CNY 100 million (USD 14 million), which was co-invested by Shanghai SIIC Fund Management (Chinese: 上海国际创投) and Pivot Capital (Chinese: 支点科技成果转化基金). Anngic, founded in 2014, is a sensor product supplier specializing in R&D of millimeter wave radar sensor (MMW) and vision sensors, as well as multi-sensor fusion.
On October 7, NEV maker Hebo Kehui (Chinese: 合博科慧) announced its completion of angel round financing worth CNY 300 million (USD 42 million), invested by Venture Home Enterprise Service Co., Ltd. (Chinese: 创业之家企业服务有限公司). Rongshijie (Chinese: 融仕界) served as financial advisor. Hebo Kehui, founded in 2022, is a Sichuan-based new energy electric vehicle manufacturer specializing in auto parts R&D as well as NEV manufacturing.
On October 14, automotive power semiconductor E-tronic (Chinese: 中科意创) announced the completion of its A-round financing exceeding CNY 100 million (USD 14 million), which was led by Infinity Capital (Chinese: 英飞尼迪资本), followed by South China Venture Capital (Chinese: 中南创投), Shiying Fund (Chinese: 视盈基金), Bingchuan Capital (Chinese: 冰川资本) and Lerong Capital (Chinese: 乐融资本). E-tronic, founded in 2021, is a Guangzhou-based automotive power semiconductor provider committed to auto power semiconductor and functional safety research.
On October 24, autonomous driving chip provider EVAS Intelligence (Chinese: 奕行智能) announced the completion of its pre-A round of financing amounted to CNY 300 million (USD 52 million), which was led by GAC Capital (Chinese: 广汽资本) and Oriental Fortune Capital (Chinese: 东方富海), followed by Yuexiu Fund (Chinese: 越秀产业基金) and Guochuang Zhongding (Chinese: 国创中鼎) and some old equity-holders, including CTC Capital (Chinese: 和利资本), Sunic Capital (Chinese: 临芯投资), Volcanics Venture (Chinese: 火山石资本) and Hivision Technology (Chinese:海威科技). Established in January 2022, EVAS Intelligence is a Guangzhou-based autonomous driving chip provider with a core team of nearly 150 people.
On Oct 26, Geely New Energy Commercial Vehicle Group's brand Farizon Auto (Chinese: 远程汽车) announced its completion of a pre-A round financing of over USD 300 million, which was led by Hidden Hill Capital (Chinese: 隐山资本) and followed by Transfar Group (Chinese: 传化集团), CITIC Securities (Chinese: 中信证券), Hunan Xiangtan Industry Fund (Chinese: 湖南湘潭产业基金), GLy Capital (Chinese: 吉安资本) and Mirae Asset, as well as many other well-known strategic investors. Established in 2016 and with full support of its parent company Zhejiang Geely Holding Group, Farizon Auto has access to strong group synergies in terms of product development, talent acquisition, cost control and supply chain management.
On Oct 27, the industry leading UWB technology provider TsingCar (Beijing) Technology Co.,Ltd (hereinafter referred to as TsingCar) (Chinese: 清研智行), announced the completion of its A-round financing of tens of millions of CNY led by TusStar (Chinese: 启迪之星). TsingCar, founded in 2020, positions itself as a first-tier supplier for automotive electric spare parts and focuses on three key business pillars, which are Ultra-wideband (UWB) digital keys, UWB cockpit radar, and UWB parking navigation.
ZYNP Novotec (Shanghai)
On October 30, ZYNP Novotec (Shanghai) (Chinese: 上海中原内配) received strategic investments of CNY 100 million (USD 13.67 million) from Zhoujing Fund (Chinese: 舟景基金). Founded in 2016, ZYNP Novotec (Shanghai) is an automotive electronic parts manufacturer focusing on the R&D, sales and distribution of smart actuators.
On October 28, a Jiangsu-based lithium-ion power battery provider Tianmu Lake Advanced Energy Storage Technology Research Institute (hereinafter referred to as 'TIES') (Chinese: 天目先导) reported to have completed its strategic investment round of financing which was invested by a cohort of investors including Xiaomi-Yangtze Fund (Chinese: 湖北长江小米产业基金), a fund co-founded by the well-known Chinese smartphone maker Xiaomi (Chinese: 小米) and Yangtze Fund (Chinese: 长江产业基金). TIES, founded in 2017 and based in Jiangsu, is a lithium-ion battery provider focusing on product R&D and sales of new silicon anode materials for lithium-ion batteries.