NASN Automotive Electronics (NASN Auto), a manufacturer of electronic products used in automobiles, has closed a Series C funding round raising 500 million yuan ($78 million).
Investors who participated in the round were: Hillhouse Capital’s venture capital arm GL Ventures, Bank of China’s Hong Kong-based subsidiary Bank of China Group Investment, CMC-SDIC Capital, and CATL — a developer of new energy technologies.
The fresh capital will be allocated to new product R&D, mass production, and service support.
Founded in 2016, NASN specialises in X-by-Wire control technology used in intelligent drive and new energy autos. X-by-Wire refers to the replacement of mechanical or hydraulic systems, such as braking or steering, with electronic ones.
NASN said it has partnered with automobile companies including BAIC BJEV, BYD, Changan Auto, and Great Wall Motor to co-work on over 30 projects. NASN is accelerating production to meet rising demands from the industry.
“X-by-wire technology is essential to the future of vehicle intelligence and electrics, as well as for safety driving, thereby leading to a structural growth,” said GL Venture managing partner Liang Li.
Along with participating in NASN’s funding, investor GL Ventures also backed Haomo.AI, a Beijing-based autonomous driving startup, on the same day. Haomo.AI raised nearly 1 billion yuan ($157 million) from investors including Qualcomm Ventures, and Shougang Holdings, valuing it at over $1 billion.