Insurance group Ping An has led a series B round for China-based driving safety technology provider Soterea sized at over RMB1.3bn ($204m), DealStreetAsia reported today.
The round was led through corporate venturing unit Ping An Capital and included SK China, the local branch of South Korean conglomerate SK Group, as well as Harvest Capital Management and the state-owned Henan Investment Group.
Soterea has developed smart technologies intended to improve safety and computing processes in cars, such as an automated emergency brake and a cloud-based driver monitoring system which helps promote safety.
The round reportedly valued the company at nearly $1.56bn and came in the wake of an eight-digit dollar amount of series A funding from SK China in mid-2020. The cash has been earmarked for research and development.
Ping An Capital chairman Liu Dong was quoted by DealStreetAsia as saying: “The pain point in the logistics industry has always been how to develop solutions that can enhance the driving safety of commercial vehicles, as well as help corporate clients reduce costs and boost efficiency.
“After many years of dedicated research in developing intelligent safety driving solutions for commercial vehicles, Soterea…has built its unique strengths to defend the company against the market competition.”
