The industrial internet company is aiming at building an effective vehicle Internet in China and receives over USD 200 million investment.
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CassTime announces that it had completed series C3 round financing of USD 35 million, which is led by the current shareholder Source Code Capital, and followed by Sequoia Capital China, Greater Bay Area Homeland Development Fund, and Shunwei Capital. According to the company, the funds raised in series C3 will continue to be used for product R & D and market development, and further consolidate the commodity traceability system.
Founded in 2015, CassTime is aiming at promoting the digital transformation of the automotive aftermarket industry and establishing an effective vehicle Internet. At present, through AI + data and Google +, the company has established auto parts trading platform "CassTime Auto Parts" and SaaS software of auto repair store "No.1 Workshop". At present, the company's national penetration rate of original parts of high-end vehicles is over15%, and has even over 30% in many cities such as Shenzhen, Dongguan, Chongqing, and Changsha, basically making every part traceable. The company's monthly transaction scale in December 2019 reaches 400 million. After the COVID-19, the transaction scale returns to this level in May.
In October 2019, the company receives USD 80 million in series C1, and receives USD 50 million in series C1 in June 2020. According to Crunchbase, the company has received USD 225.3 million from 11 institution investors.