ECARX Nabs CNY 1.3 Bn from Baidu, Others to Develop Smart Cockpits

Technology Author: Niko Yang Editor: Luke Sheehan Oct 27, 2020 12:04 PM (GMT+8)

In 2018, the tech startup launched a server processor joint venture with British semiconductor IP powerhouse Arm.

Image credit: Unsplash/Paul Hanaoka

ECARX announced on October 26 that it had acquired Series A financing of CNY 1.3 billion. The investment was led by Baidu (BIDU:NASDAQ) and followed by SIG China. Based on the transaction details, the company is now valued at over CNY 10 billion. These financing proceeds will be mainly used for research and development, chip tape- out and global market expansion.

ECARX is teaming up with chip design firms MediaTek (2454:TW) and Arm to develop processors. Specifically, ECARX's E01, E02 chips and driving assistant chips are presented from its teamwork with the two chip designers, respectively, with the startup primarily concentrated on product awareness, user experience and system development.

Collaborating with China's major automakers, such as Geely, the company mostly provides them with intelligent hardware solutions and licenses for in-vehicle devices. It claims to have grown the related revenue by 30% to 40% in the past twelve months year-on-year.

The company was founded in 2016 as Geely Holding Group's independent entity. It focuses on intelligent auto technology such as auto chips, high precision maps, smart cockpits, intellectual driving solutions, big data, and cloud platforms for vehicle networks.