We at EqualOcean tracked the major funding rounds or industry events that took place in China’s automotive market in November 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.
Hong Jing Drive
On November 28, Hong Jing Drive (Chinese: 宏景智驾), an autonomous driving system solutions provider and software developer, raised hundreds of millions of CNY from series B financing. The financing round was led by CITIC GoldStone Fund Management (Chinese: 中信金石) and followed by Bojiang Capital (Chinese: 博将资本) and CCB Investment (Chinese: 建信投资). Founded in 2018, Hong Jing Drive aims to develop comprehensive autonomous driving system solutions integrating software development and hardware design. The funds raised will be used for the R&D of new products and production capacity expansion for the company.
On November 28, ADAS solutions supplier Freetech (Chinese: 福瑞泰克) completed B round of financing worth nearly USD 100 million, which was led by Chaos Investment (Chinese: 混沌投资). Freetech, founded in 2016, is a Hangzhou-based innovative high-tech enterprise that owns core intellectual property and solutions in ADAS, with established international technical leadership in intelligent driving.The fund will be used for product R&D and supply chain optimization, promoting the commercialization of autonomous driving.
On November 28, SemiDrive (Chinese: 芯驰科技), an automotive-grade chip products and technical solutions provider, completed a series B+ financing round of approximately CNY 1 billion (USD 138 million) approximately, led by SAIC Goldstone Innovative Manufacturing Industry Fund (Chinese: 上汽金石创新产业基金) and followed by CITIC Securities (Chinese: 中信证券). Founded in 2018, SemiDrive has been focusing on providing high-performance and high-reliability automotive-grade chips. This investment will primarily be used for continuous core tech upgrading, iterative updates for chip products and enabling mass production.
In November 2022, HoloMatic (Chinese: 禾多科技) announced that the company successfully bagged a C2 round of financing worth hundreds of millions of CNY, led by GAC Capital (Chinese: 广汽资本) and followed by Chaos Investment (Chinese: 混沌投资) and Guangzhou Zhidu Investment (Chinese: 智度资本). Founded in 2017, HoloMatic is a Beijing-based company which has been focusing on utilizing cutting-edge technologies including AI and automotive engineering to promote the mass implementation of domestic data-driven autonomous driving solutions. The investment will primarily be used for continuous R&D of high-level technological innovation in autonomous driving, mass production and more. Up until now, the amount of investment HoloMatic secured from its C round financing has amounted to USD 100 million.
On November 21, auto maker Letin (Chinese: 雷丁汽车) announced its completion of A-round financing amounting to CNY 3.2 billion, which was led by Weicheng West Investment Development Group (Chinese: 潍城西部投资发展集团) from Weifang city, followed by some SOE capital and private equity firms in Shandong province. It is reported that the fund will be used for product R&D, marketing investment, capacity building and market expansion. Letin, founded in 2008 and based in Shandong, is China’s electric vehicle brand focusing on the research and development, manufacturing and sales of electric vehicles and parts. The funds raised will be used for supporting R&D, marketing investments, establishment of digitization systems and production capability building.
On Nov 18th, VOYAH (Chinese: 岚图汽车) announced it has completed its series A financing of around CNY 5 billion with a post-investment market valuation of almost CNY 30 billion (USD 4 billion). This investment was co-led by SOE Mixed-Ownership Reform Fund (Chinese: 国企混改基金) and BOC Financial Assets Investment (Chinese: 中银资产), and followed by state-owned investment agencies such as ICBC Financial Asset Management (Chinese: 工银投资) and ABC Financial Asset Investment (Chinese: 农银投资). Founded in 2020, VOYAH is a high-end NEV brand launched by Dongfeng Motor Corporation (Chinese: 东风集团). The funds raised will be used for supporting R&D, marketing investments, establishment of digitization systems and production capability building.
In November, Zvision Technologies (Chinese: 一径科技) secured a new C-round of financing exceeding USD 10 million, a couple of months after the company completed its pre-C round of financing. The investment was led by Genesis Capital (Chinese: 元生资本) and followed by CITIC securities (Chinese: 中信证券), Z&Y Capital (Chinese: 卓源资本) and Yizhuang Capital (Chinese: 亦庄资本). Founded in 2017, Zvision has been dedicated to the R&D of MEMS LiDARs with high resolution and high reliability. Its products are mainly used in intelligent cars, robots, smart cities and other fields of artificial intelligence. This fund will be primarily used for Zvision's AI technological development of their Solid-State LiDAR, expansion of their production capacity, R&D of automotive-grade MEMS LiDAR solution, and commercialization.
On November 14, Beijing SENIOR Technology (Chinese: 斯年智驾) announced the completion of its A+ round financing worth more than CNY 100 million, which was led by Tsinghua Innovation Ventures (Chinese: 水木创投) and Winreal Investment (Chinese: 容亿投资), followed by Estar Capital (Chinese: 辰韬资本), GF Xinde Investment (Chinese: 广发信德), Shenzhen Zhiqing Corporation (Chinese: 智氢实业) and Hubin Capital (Chinese: 湖滨资本). SENIOR, founded in 2020 and based in Beijing, is an autonomous driving solution provider focusing on heavy truck transportation in the harbor scenario, including transportation in port, hub to hub and between ports. The fund will be used for product R&D, promoting the application of autonomous driving in harbor scenarios. After this round of financing, SENIOR acquired support from capital and industry.
On Nov 14, air suspension system provider KHAT (Chinese: 孔辉科技) claimed to have raised CNY 510 million from its B-round financing, co-led by China Venture Capital (Chinese: 中国风投), CRRC Capital (Chinese: 中车国创), Source Code Capital (Chinese: 源码资本) and Shenzhen Venture Capital (Chinese: 深创投). KHAT is the first Chinese company that is capable of mass-producing and supplying passenger car air suspension systems. The fund will be primarily used in company product line extensions.
On November 14, unmanned solution provider Beijing Tage Zhixing Technology (Chinese: 踏歌智行) announced the completion of its C1 round financing exceeding CNY 100 million, which was led by Jinsha Fund (Chinese: 金沙基金), followed by Boton Technology (Chinese: 宝通科技). Tage Zhixing, founded in 2016 and based in Beijing, is one of the "New Special Expertise" enterprises focusing on providing autonomous driving technology for mining vehicles. The fund will be used for product R&D, market expansion and supply chain construction.
In Nov 2022, CAS&MT (Changzhou) Intelligent Manufacturing Co., Ltd (Chinese: 中科摩通) (hereinafter referred to as CASMT) has completed its B-round financing of over CNY 100 million, co-invested by Guolian Venture Capital (Chinese: 国联金控), Mingshan Capital (Chinese: 明善资本), Zhonglou Investment Construction (Chinese: 钟楼金控), Dunxing Venture Capital (Chinese: 敦行资本), Pingling Group (Chinese: 平陵集团) and other investment agencies. Founded in 2019, CASMT is a company specializing in providing solutions for new energy vehicles' smart equipment.This fund will be primarily used for CASMT's R&D and talent acquisition in new energy vehicles' intelligent manufacturing.
On November 11, intelligent connected solutions supplier Shanghai Pateo Electronic Equipment Mfg. Co., Ltd. (hereinafter referred to as "Pateo") (Chinese: 博泰车联网) announced the completion of its strategic round financing worth hundreds of millions of CNY, which was invested by SOE fund, namely Rui'an Fuhai Equity Investment Fund (Chinese: 瑞安富海股权投资基金). Moreover, Pateo has received capital investment from SOE before, including Dongfeng Group (Chinese: 东风汽车), FAW Group (Chinese: 一汽集团), Shanghai Guosheng Group (Chinese: 上海国盛). Pateo, founded in 2009 and based in Shanghai, is an innovative high-tech enterprise committed to providing intelligent connected services and auto parts. The fund from this financing round will be used for the construction of a manufacturing base located in the Rui'an Economic Development Zone in Zhejiang Province.
Atech Automotive (Chinese: 埃泰克汽车电子), an automotive electronics developer and manufacturer, announced its recent completion of C-round financing exceeding CNY 500 million, three months after the company completed its B-round of financing. This investment was jointly led by Yangtze River Xiaomi Industry Fund (Chinese: 小米产投), CICC Capital's (Chinese:中金资本) fund, PICC Capital Investment Management (Chinese:人保资本), Anhui Guojiang Future Automotive Industrial Investment Fund (Chinese: 安徽国江基金), and China Fortune-innovation Capital (Chinese: 中芯熙诚). Founded in 2002, Atech is a Wuhu-based company focusing on the R&D and sales of automotive electronic products.
On November 4, the LiDAR System supplier LiangDao (Chinese: 亮道智能) announced that it has recently completed a CNY 100 Million in its Series B1 funding round. The investors include Everest VC (Chinese: 朗玛峰创投), Before Capital (Chinese: 彬复资本), and State Development & Investment Corporation (Chinese: 国投招商). The company founded in 2017 in China and Germany, LiangDao is a global leading system provider of LiDAR sensors, providing industry customers with a full stack of LiDAR sensing systems, including automotive-grade LiDAR hardware, perception software, testing and validation and data services. The new funding will be used to accelerate the development of automotive-grade LiDAR products, hire more talents, compete with the robotic factory setup and the verification of the fully automated production lines.
On November 2, lithium-ion battery recycling solution supplier JinSheng (Chinese: 金晟新能) closed its B+ round financing worth hundreds of millions of CNY, which was co-led by (Chinese: 达晨资本) and (Chinese: 基石资本). JinSheng, founded in 2010 and based in Guangdong, is a power battery recycling solution provider focusing on the comprehensive recycling and re-utilization of lithium-ion batteries. The fund is expected to be used for corporate governance improvement, capacity expansion and talent development. After this financing round, JinSheng has gathered battery manufacturers, automakers and 4S dealerships as its shareholders.