Joy Next, a China-based automobile and smart cockpit producer owned by components supplier Ningbo Joyson Electronics, has closed an inaugural RMB720m ($106m) round involving automotive producer Ningbo Gaofa Automotive Control System, China Money Network reported yesterday.
SDIC Investment, a subsidiary of government-owned private equity fund manager State Development & Investment Corporation, led the round, which also included coal miner and chemical products supplier Baofeng Energy.
The deal was rounded off by Cathay Auto Fund, Fangguang Phase II Venture and undisclosed additional investors.
Joy Next produces smart driving technologies such as safety controls and semi-automated dashboards based partially on assets from a series of acquisitions by Joyson since 2011.
The capital will go to R&D and growing the market for Joy Next’s products as it prepares to supply industry partners including carmaker Volkswagen and electric vehicle producer Nio.
China Money Network said Joyson Electronics had previously injected $227m into its subsidiary in July 2020 according to China Money Network.