China’s Kasco, also known as KH Automobile Technology (Zhejiang KHAT), which produces air suspension system for passenger vehicles, has notched RMB 510 million ($72.4 million) in a Series B led by China Venture Capital, a joint venture between CRRC Corp and Guochuang Investment Fund Manager, Source Code Capital, and Shenzhen Capital Group.
The round, participated by Yonghua Capital, Huoyan Capital, Shanshan Venture Capital, and Dening Capital, came at a time when the firm plans to ramp up its air suspension system production to meet rising demand. As for mid-November, its air suspension system has been installed in over 60,000 vehicles.
Last June, the firm developed and produced a first-of-its-kind air suspension system for Voyah FREE, an all-electric 5-seater SUV made by Voyah, a premium electric vehicle brand under China’s auto giant Dongfeng Motor Group.
Nearly 10,000 units of Voyah FREE have been equipped with Kasco’s air suspension system as of 2021, the firm claims. So far, Kasco has been appointed by over 13 auto firms to supply its system to over 30 vehicle models.
Founded in June 2007, the Huzhou-based firm previously raised two funding rounds, including a “over 100 million yuan” of pre-Series A round led by Legend Star last February as well as a Series A round led by Chinese smartphone maker Xiaomi Corp last September. However, the firm did not divulge the financial details of its Series A round.