Shanghai-headquartered Leadrive Technology, which supplies silicon carbide power modules and dual-motor controllers for electric vehicles, has secured 600 million yuan ($82.2 million) in a Series D financing round co-led by China-focused investor Legend Capital; and Oriza FOFs, the fund of funds unit of Chinese investment group Oriza Holdings.
Legend Capital is an existing shareholder of the firm that recently re-upped in its Series C funding round last September, after leading Leadrive’s 150-million-yuan ($22 million) Series B in August 2020.
The round counts C Capital, an global asset management firm backed by Hong Kong’s real estate tycoon Adrian Cheng; Huatai Baoli Investment Management, the private equity investment arm of Chinese insurer Huatai Insurance Group; and Cai Xiaodong, the founder of Shenzhen-listed multinational animation and entertainment conglomerate Alpha Group, among some of its participating investors.
The proceeds will be used to improve the company’s operating cash flow at a time when the business is experiencing “explosive growth” as well as expanding its manufacturing capacity and R&D for the next generation of power modules, among others, the firm said in a company statement on Monday.
The news comes slightly over a month after the firm notched a strategic investment from the Volvo Cars Tech Fund, the corporate venture capital fund behind Volvo Cars, on September 4. Hong Kong-listed automotive firm Geely Holding, which acquired Volvo Cars in August 2010, is the second-largest shareholder of Volvo, by the share of capital.
Founded in 2017, the firm has two production centres located in the cities of Liuzhou and Jiaxing in China. while its European business development and R&D centre is located in the city of Aachen in Germany that borders Belgium and the Netherlands to the west.