Recently, ADAS solutions supplier Freetech completed B round of financing worth nearly USD 100 million, which will be used for product R&D and supply chain optimization.
On November 28, advanced driver assistance system (ADAS) solutions provider Freetech (Chinese: 福瑞泰克) announced the completion of B round of financing worth nearly USD 100 million, which was led by Chaos Investment (Chinese: 混沌投资). Other investors include Hengxu Capital (Chinese: 恒旭资本), BAIC Group Industrial Investment (Chinese: 北汽产投), TCL Industry Holding Corporation (Chinese: TCL实业), Shaanxi AUTOMOBILE Group (Chinese: 陕西汽车控股集团), Sun Life Everbright Life Insurance (Chinese: 光大永明人寿保险), Tongxiang Chemical Corporation (Chinese: 桐乡金桐) and Aopeng Investment (Chinese: 翱鹏资本). Taihe Capital (Chinese: 泰合资本) served as the exclusive financial advisor.
The fund will be used for product R&D and supply chain optimization, promoting the commercialization of autonomous driving.
Freetech, founded in 2016, is a Hangzhou-based innovative high-tech enterprise that owns core intellectual property and solutions in ADAS, with established international technical leadership in intelligent driving.
In addition, with vehicle full-stack offering from perception to decision-making technology, Freetech has partnerships with over 40 Chinese automotive manufacturers for more than 100 car models.
The intelligence development of the automobile industry is inevitable in the future, and Freetech will continue to expand independent R&D and innovation capability, promoting the development of intelligent driving in China and maintaining competitiveness worldwide.