Recently, intelligent driving and steering system provider, DECO announced the completion of nearly CNY 100 million in B+ round financing. This round of funds will be used to increase the production capacity of the company's high-end intelligent steering products, iterative implementation of intelligent driving by-wire control technology solutions, and the introduction of high-end talents in the industry.
Intelligent driving and steering system provider, DECO Automotive Co., Ltd. (Chinese: 天津德科智控股份有限公司) (hereinafter referred to as DECO) announced the completion of nearly CNY 100 million (USD 15 million) in B+ round financing. This round of funds will be used to increase the production capacity of the company's high-end intelligent steering products, iterative implementation of intelligent driving by-wire control technology solutions, and the introduction of high-end talents in the industry.
This is the second large-scale financing obtained by DECO in just a few months after completing the B-round financing of nearly CNY 100 million in September 2022. The old shareholders continue to increase their financing this time, reflecting the high recognition of the market and shareholders for the R&D and mass production capabilities of DECO.
Founded in 2009, DECO focuses on the R&D, production, and sales of EPS systems for various vehicles. DECO owns the redundant algorithm for L4 intelligent driving SBW system as well as the L2-L4 hardware platform. Its SBW products assist business partners to realize the commercialization and mass production of L2-L4 autonomous driving vehicles.
As one of the first R&D teams for EPS in China, DECO owns 4 core technologies: hardware, algorithms, sensors, and motors. It has established strategic cooperation with dozens of leading enterprises in automobile industry and served dozens of autonomous driving teams in universities. By supplying more than 1.6 million EPS to the market, DECO has been the No. 1 exporter for 8 consecutive years. DECO is aiming to be the independent and leading brand of core automobile parts worldwide.
Wang Hao, founder and chairman of DECO, said that China's new energy vehicle industrialization has gone ahead for 10 years, leaving a valuable window period for Chinese parts companies to 'domestic substitution'. DECO will seize the development opportunities, bring better user experience to Chinese consumers through high-end smart steering, and work hard to create a more resilient, independent and controllable supply chain for Chinese automotive companies.