China-based smart car developer Byton, previously backed by car dealer China Harmony New Energy Auto Holding and retail group Suning, is reportedly seeking to raise at least $500m in funding, including from overseas investors, before it is expected to go public this year. The sought valuation stands at above $4bn. The company had already raised another half billion last year in a series B round that featured automotive manufacturer FAW Group and battery producer Contemporary Amperex Technology. The series C round will be the last one for the company before it intends to go public, according to its own CEO Carsten Breitfeld.
Founded in 2016 as Future Mobility, Byton builds smart, electric vehicles with a gesture-based control system, a driver-assistance system, 49-inch dashboard screen as well as augmented reality mirrors instead of rear-view mirrors. Byton plans to start production of its sports utility vehicle, M-Byte, by the end of this year, having already built some 100 prototype vehicles that are currently being tested.
The transport sectors and the automotive space is one of the ripest for disruption, as discussed in the January issue of the GCV magazine. In particular, technologies for connected, autonomous and electric vehicles saw a tremendous increase in the number of corporate-backed rounds in 2017 (70 deals worth an estimated total of $7.93bn). Last year, GCV Analytics tracked a smaller number of deals in that space (54), though the total estimated capital stood at $7.02bn, suggesting rising valuations of such enterprises.
