China-based smart car developer Byton closed a $500m series B round today that included automotive manufacturer FAW Group and battery producer Contemporary Amperex Technology.
TUS Holdings, the enterprise arm of Tsinghua University, also took part in the round alongside other, unnamed backers. FAW was previously reported to be supplying $260m to the round, though this was not confirmed in Byton’s release.
Founded in 2016 as Future Mobility, Byton is developing smart, electric vehicles that boast features such as a gesture-based control system, a driver-assistance system, augmented reality mirrors instead of rear-view mirrors and a 49-inch electronic display on the dashboard.
The series B funding will help Byton advance towards mass production, targeted for the fourth quarter of 2019, with cash also going towards product development and R&D activities.
Byton previously raised $100m in funding across two rounds, which included $30m from car dealer China Harmony New Energy Auto Holding in 2016. It then secured $200m in an August 2017 round featuring retail group Suning and diversified holding company Fullshare Holdings.
Internet group Tencent and contract manufacturer Foxconn were previously also reported as shareholders, but news provider Reuters later said both investors had to withdraw due to regulatory issues.