China-based smart car technology manufacturer Banma Technologies has secured up to ¥3bn ($465m) in funding from investors including e-commerce group Alibaba and automotive manufacturer SAIC Motor, DealStreetAsia reported yesterday.
Private equity firm Yunfeng Capital and private equity fund manager CMG-SDIC Capital also contributed to the round, which followed a $233m series A round in 2018 led by CMG-SDIC and backed by Yunfeng Capital and Shangqi Capital, a vehicle for SAIC Motor subsidiary SAIC Capital.
Established in 2015 as a joint venture between Alibaba and SAIC Motor, Banma produces internet of things-equipped smart in-car electronics systems based on Alibaba’s AliOS mobile operating system.
The company’s technology was deployed in SAIC’s Roewe RX5 sports utility vehicle in 2016, and it will use the latest funding to enhance its research and development capabilities.
The round came after Banma performed a strategic restructuring in May 2020 that involved it bringing over additional staff from Alibaba and opening the AliOS system up to external partners including other automotive manufacturers.