Auto Cyber Security Firm, InchTek, has raised tens of millions of CNY of its new round of strategic financing.
On September 19, 2022, InchTek (Chinese: 云驰未来), an intelligent auto cyber security firm, announced its completion of a new round of strategic financing, which amounted to tens of millions of CNY. This round of financing was led by China Power Fund(Chinese:中电基金), followed by its two old equity holders, namely Beijing Zhongguancun Development Frontier Fund (Chinese:中关村前沿基金) and GSR Ventures (Chinese: 金沙江创投).
After the completion of this round of financing, the company will use the fund on R&D of its auto safety products, product planning, team building, market expansion.
Founded in 2020, InchTek is a Beijing-based company that provides lifecycle cyber security solutions for smart cars. Its self-developed core product, Automotive Security Gateway, is the first automotive-grade network security controller platform for driverless cars in China that has passed EAL4+ certification. The company provides products and services to FAW, Toyota, Golden Dragon, Ford and other OEMs. In addition, InchTek has established strategic cooperation with Baidu, Didi, TuSimple, WeRide and other leading autonomous driving technology companies.
Smart car penetration is climbing, with Chinese intelligent vehicle shipments growing at a CAGR of 63.8% from 2020-2024, far exceeding the expected global growth rate of 14.5% over the same period. Cyber-attacking is raising widespread concern with the acceleration of the intelligent networking process.
From the medium and long-term perspective, InchTek will engage in the R&D of intelligent auto cyber security products and technology.