Byton, a China-based smart car developer backed by car dealer China Harmony New Energy Auto Holding and retail group Suning, is seeking at least $500m in funding, Reuters reported today.
The company is aiming for a valuation of more than $4bn and is particularly keen on attracting overseas investors, according to people familiar with the matter. Byton confirmed it was raising a series C round but did not reveal any additional information.
Founded in 2016 as Future Mobility, Byton is developing smart, electric vehicles that boast features such as a 49-inch dashboard screen, a tablet integrated in the steering wheel and connected in-car applications.
The company intends to begin series production of its sports utility vehicle, M-Byte, by the end of 2019, having built approximately 100 prototype cars that are currently undergoing a wide range of tests.
The series C funding is expected to support the mass production of M-Byte and research in addition to development efforts.
Carsten Breitfeld, chief executive and co-founder of Byton, told news publication Automobilwoche in October 2018 that his company would raise one more round before it pursues an initial public offering, though he did not offer a timeline.
Byton closed a $500m series B round in June 2018 backed by automotive manufacturer FAW Group, battery producer Contemporary Amperex Technology and TUS Holdings, the asset management arm of Tsinghua University, as well as several undisclosed backers.
The company had initially secured $100m across two rounds, including $30m from China Harmony New Energy Auto Holding in 2016, before Suning and diversified holding company Fullshare Holdings added $200m in August 2017.
– Image courtesy of Byton.
