Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Trending in China: Do The Sins Of The Father Fall On Their Sons? Social Media Lambast Pop Star with ‘Deadbeat’ Dad
Chinese Electronics Panel Maker CSOT Reports Profit Growth as Demand Soars
Xiaomi Invests in Home Improvement Firm Amid Push into Internet of Things
TikTok Escalates Patent Fight With Triller Amid Sale Talks
Chinese Self-Heating Hot Pot Brand Zihaiguo Nets Over $50m in Series C Round Led by CICC
Xiaomi Leads India’s Smartphone Market with 26.1% Share
Trending in China: Are China’s Blue-Collar Wages Really Higher Than Graduate Salaries?
Trending in China: An End to Spam Calls? Real Estate Company to Give Money to Anyone Who Receives One
Trending in China: Patriotic War Film Overpowers Foreign-Made Feature, But Not Everyone Is Impressed
Shopify Partners with TikTok to Drive Online Sales
Lawson Tests Next Step of Convenience Store Evolution in China
PUBG Creator Krafton Hires Bankers for Possible Record IPO
Mobile Browser Crackdown Ensnares Big Names
Chinese Biotech Startup Genecast Bags $149 Million in Series E Funding Round
Founder and CEO in ‘Divorce’ With Dating App Momo
Chinese Medical Rehabilitation Robot Maker Fourier Closes $15 Million Funding Round
Caixin Investigation Uncovers Shady Business In Myanmar
Tencent Bets Big on Chinese E-Sport Firm, Leading $100 Million Funding Round
Chinese Companies Line Up to Take Advantage of Huawei’s U.S. Troubles
Trending in China: Social Media Applauds Jack Ma’s Detailed Critique of China’s Financial Sector
Chinese Smart Car Solutions Developer JOYNEXT Secures $107m

By DealStreetAsia / Oct 12, 2020 12:44 PM / Finance

Photo: Visual China

Photo: Visual China

JOYNEXT, the smart vehicle solutions arm of Chinese automotive component supplier Joyson Electronics, has secured about 720 million yuan ($107 million) in a new funding round.

A private equity fund manager co-launched by Chinese state-owned investment firm SDIC and Shenzhen-based China Merchants Capital Investment (CMC) led the investment. Ningbo Gaofa Automotive, an automotive control systems developer; Shanghai-based IT and high-tech investor F&G Venture; and Cathay Capital’s 1.5-billion-yuan ($223 million) CarTech Fund, and other investors participated.

The completion of the financing came after Joyson Electronics disclosed in a filing to the Shanghai Stock Exchange (SSE) on July 3 that it had entered into an agreement with strategic investors to give JOYNEXT a pre-money valuation of 2.5 billion yuan ($372 million).

The filing showed that the SDIC-CMC fund agreed to inject 300 million yuan ($45 million) into the deal. Concurrently with the financing, Joyson Electronics had also invested 192 million euros ($226 million) in JOYNEXT.

Driven by the government’s regulatory support and heightened investment in R&D, the penetration rate of intelligent connected vehicles (ICVs) in China is poised to reach 43.8 per cent in 2020, compared with 35.3 per cent in 2019, according to a report released by London-based information provider IHS Markit in September 2020.

ICVs are said to be the next-generation of vehicles, which are equipped with in-car sensors, controllers, actuators, and other devices, as well as modern communication and network technologies to achieve effective and sustainable mobility, with capabilities of environment sensing, information exchange, intelligent planning, and automated control.

JOYNEXT was created in December 2019 between Joyson Electronics’ former smart vehicle unit, Joyson Preh Car Connect (JPCC), and the automotive division of TechniSat Digital GmbH. The Daun, Germany-based manufacturer of broadcast satellite receivers, TVs, and car navigation systems had sold its automotive division to Joyson Electronics in April 2016 for 180 million euros ($212 million).

JOYNEXT, which serves automakers like Volkswagen and Ford, provides connected infotainment solutions, advanced driver-assistance systems (ADAS), a smart connectivity gateway that offers real-time traffic, weather, navigation, real-time positioning, and other functions, as well as cloud services to support the aforementioned largely connected-vehicle-to-everything communication (V2X) and 5G-based offerings.

It is expected to mass-produce its first 5G-V2X intelligent connected vehicle product by 2021.

Dual-headquartered in Ningbo, China, and Dresden, Germany, the firm has a total of four R&D centres, one production base, and three offices around the world. The firm employs over 1,300 staff worldwide.

Contact editor Yang Ge (geyang@caixin.com)

Related: China’s Homegrown Electric-Car Makers Charge Ahead in September


Share this article
Open WeChat and scan the QR code