China-based smart car developer Banma Network Technologies has closed a RMB1.6bn ($233m) funding round backed by Shangqi Capital, the investment management unit of car manufacturer SAIC Motor, 36Kr reported today.
The round was led by SDIC Innovation Investment Management, a part of government-owned investment holding group State Development and Investment Corporation, and also featured private equity firm Yunfeng Capital.
Founded in 2015 as a joint venture between e-commerce group Alibaba and SAIC Motor, Banma is working on cars that exploit internet-of-things technology. The company has launched one model to date, the Roewe RX5.
The Roewe brand is owned by SAIC Motor, which handles the design and physical assembly of the RX5, while Alibaba provides its smart car operating system AliOS.
Banma is partnering additional carmakers in China, including Changan Ford, Dongfeng Citroën, and Qoros, to expand the usage of AliOS with a view of deploying the system in 6 million vehicles by 2023.
– This article has been updated to reflect a round size of RMB1.6bn rather than RMB16bn. We apologise for the mistake.
