Lenovo Capital, a corporate venturing subsidiary of Legend Capital, the conglomerate that owns electronics manufacturer Lenovo, has backed a RMB150m ($21.8m) series B round for China-based powertrain developer Leadrive, DealStreetAsia reported yesterday.
The round was led by Legend Capital, the venture capital firm spun off by Legend Holdings, and included state-owned holding group Shanghai International Group’s Shanghai Innovation Fund and private investor Dongqing Cai, according to a WeChat post cited by DealStreetAsia.
Founded in 2017, Leadrive designs and produces powertrains, power modules and power control units for use in electric vehicles.
The company will use the series B funds to ramp up mass production of its equipment and strengthen research and development, it said in a press statement that did not specify the size of the round.
The latest round followed three earlier rounds according to DealStreetAsia, which listed Side Investment, ZJ Venture, Topping Capital, Real Harmony Capital, Woying Capital and South China Venture Capital as earlier investors.
