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Geely-Backed Smart Vehicle Tech Startup Eyes Global Expansion With New Funding

Ding Yi / Feb 26, 2021 06:48 PM / Business & Tech

ECARX, a smart car tech startup backed by Chinese automaker Geely, has secured more than $200 million in its series A+ funding round, pushing its valuation to over $2 billion, as it aims to go global.

The new round, led by China State-Owned Capital Venture Investment Fund, will boost ECARX’s ongoing efforts to drive into international markets, the company said in a WeChat post on Thursday. The startup also plans to build a cross-region team collaboration framework, create a globalized industry R&D system and forge partnerships with the world’s mainstream auto firms.

In December, ECARX signaled its global aspirations by establishing its European headquarters and an R&D center in the Swedish city of Gothenburg. Two months later, it built ties with U.S. auto parts supplier Visteon and American chipmaker Qualcomm to jointly develop smart cockpit solutions for both conventional and electric vehicle applications.

Founded in 2016, Hangzhou-based ECARX develops technologies related to chips, smart cockpit, intelligent driving, high-definition maps, big data and the internet of vehicles.

ECARX secured its last funding just four months ago, when it raised 1.3 billion yuan ($202 million) from a group of investors led by Baidu, which has been delving into autonomous driving technology for years using its Apollo platform. In 2019, ECARX and Apollo inked a deal to deepen collaboration in Xiaodu In-Car OS, an artificial intelligence-based internet of vehicles solution.

Contact reporter Ding Yi (yiding@caixin.com)

Related: Chinese Auto Tech Startup Closes $194 Million Series A Funding Round Led by Baidu

 


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