Shanghai-based BIBO has secured 200 million yuan ($29.2 million) in a Series A round co-led by NIO Capital, an investment firm founded by Chinese electric vehicle (EV) maker NIO; and Chinese investment firm Orient Jiafu Asset Management.
The round, joined by Shanghai-listed CWB Automotive Electronics, which produces automotive and consumer electronics products; and early-stage venture capital firm Addor Capital, will be used in product R&D.
Founded in May 2021, BIBO has two research centres in Beijing and Shanghai and one manufacturing base in Nantong of southeastern Jiangsu province.
Previously, the firm snapped 100 million yuan ($14.5 million) in pre-Series A and pre-Series A+ rounds in September 2022 led by Sequoia China Seed Fund, the investment unit that Sequoia China built in 2018 to focus on seed to Series A stage investments.
In February, the seed fund commenced capital deployment from its third fund dubbed as the Sequoia China Seed Fund III, which was closed last year as part of its near-$9-billion fundraising success. Sequoia China Seed Fund has become one of China’s biggest early-stage investment platforms with almost 15 billion yuan ($2.2 billion) in assets under management (AUM).
The automotive and parts industry notched $306.5 million in March, down by 64.7% over the previous month, when startups in the sector sealed $867.8 million, according to DealStreetAsia’s proprietary data.