Changan-backed Avatar Technology Completes Series A financing Totaling CNY 10 bn

Automotive Author: Beibei Wei Editor: Ziying Wu Aug 04, 2022 05:43 PM (GMT+8)

Avatar Technology closed its Series A round of financing led by NGDF with a total valuation of nearly CNY 10 billion.

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Avatar Technology (Chinese: 阿维塔科技), the auto startup backed by Changan Automotive, announced that it had completed its Series A round of financing led by the National Green Development Fund (NGDF) on August 2. 

This round of financing was participated by China Merchants Jintai Capital Management (Chinese: 招商金台), SDIC JULI Investment Management (Chinese: 国投聚力), INNO-Chip (Chinese: 韦豪创芯), Citic New Future Investment (Chinese: 中信新未来), and their investment institutions.

In addition, Avatar Technology's existing shareholders, Changan Automobile and Southern Capital Management (Chinese: 南方资本), also made the further investment

Launched in 2020, the National Green Development Fund (NGDF) was jointly sponsored by the Ministry of Finance, the Ministry of Ecology and Environment, and Shanghai Municipality, with the initial fundraising scale reaching CNY 88.5 billion. Despite cooling and rational investment on the overall NEV sector, it is worth noting that Avatar Technology is the first NEV lead project of the NGDF.

After the completion of this round of financing, the overall financing scale of Avatar Technology is nearly CNY 5 billion, with a post-investment valuation of nearly CNY 10 billion. Changan Automobile and CATL are still the first and second largest shareholders.

Recently, Avatar technology signed a comprehensive strategic cooperation agreement with Huawei. This cooperation reached a consensus on risk and revenue sharing as well as the trademark authorization of Huawei HI (Huawei Inside).

Based on the CHN intelligent electric vehicle technology platform, two parties will jointly develop a series of high-end intelligent electric vehicle products and continuously iterate.