China-based smart car developer Byton has attracted China-based government-owned automotive manufacturer FAW Group as an investor. The latter will reportedly provide $260m in capital as part of a larger series B round. Byton is aiming to close the round in question at $500m. Earlier reports had suggested the company was targeting $300m to $400m at a $1.2bn valuation but the company never confirmed the information.
Founded in 2016 and originally known as Future Mobility, Byton develops an electric sports utility vehicle. The smart car it develops is expected to boast a gesture-based control system, a driver-assistance system, augmented reality rear view mirrors as well as a 49-inch electronic display on the dashboard. Byton is also developing a sedan and a minivan model.
When completed, Byton’s series B round will be among the largest rounds in the broader autotech space in 2018 so far. Autotech, as defined by GCV Analytics, comprises a broad spectrum of technologies related to connected, autonomous and electric vehicles. It has been one of the fastest growing new technologies over the past few years, having drawn a host of corporate investors from across different sectors and around the globe. In 2014, we tracked 33 rounds in such enterprises, worth an estimated total of $542m. These figures went up considerably by the end of 2017, when 85 corporate-backed deals were recorded, totalling $3.49bn, as shown on the historical bar chart here.
Read more on autotech in our latest Corporate venturing and the future of automotive, mobility and travel report. Don’t miss out the session on energy transition, mobility & travel innovation at the GCV Symposium in London this week (May 22-23), chaired by Tom Whitehouse!
