ECarX, the China-based smart automotive technology developer that counts corporates Geely, Baidu and Susquehanna International Group (SIG) as investors, secured more than $200m in series A-plus funding yesterday, DealStreetAsia reported.
The round was led by the state-owned China Venture Capital Fund, according to an announcement cited by DealStreetAsia, and the funding was raised at a $2bn valuation.
Founded in 2016, ECarX produces smart technology for in-car electronics systems. Its products include a connected vehicle system used in automotive manufacturer Geely’s cars, as well as smart driving and mapping systems, vehicle chipsets and big data technology.
The company launched a European research and development centre in Sweden in December 2020 and will allocate the funding to its international growth.
The deal comes three weeks after ECarX formed a partnership agreement with mobile semiconductor producer Qualcomm to work together on smart in-car cockpit technology for use in both conventional and electric vehicle systems.
Internet group Baidu led the ECarX’s $194m series A round in October 2020, investing together with SIG Asia, a subsidiary of quantitative trading firm SIG, at a valuation of nearly $1.5bn. The company has also named Geely as an additional investor.
