Beijing (Gasgoo)- Shanghai-based OTA solution provider, ABUP recently concluded its B2 financing totaling over 100 million yuan.
Photo credit: ABUP
The latest investor is Joint Capital, while existing shareholder Guoke New Energy (“Guoke Xinneng” in Chinese pinyin) has increased its stake, and Scheme Capital continues as the exclusive financial advisor.
Notably, the B2 round follows the investment from SAIC Motor's Shangqi Capital and its partner Shandong Hi-Speed Holdings in April this year.
In 2022, ABUP secured nearly 100 million yuan in B-round financing. Since then, ABUP has accelerated its diversified strategic deployment, transitioning from being an "OTA solution provider" to an "automotive intelligent software technology product and service supplier."
ABUP Vice President, Ding Yu, explained that the B2 financing primarily aims to propel the diversified strategy forward. This entails iterative optimization of existing OTA products, continued development of new business line products, and expanding market presence across different segments and regions.
As of now, ABUP has served over 40 automakers with more than 100 vehicle models. The repurchase rate for OTA products across various vehicle types remains around 70%. Two new products, DOTA (Intelligent Cloud Diagnosis) and VSP (Vehicle Software Platform), have been successfully integrated into the vehicle production cycle, with a productization rate of 50%. This is projected to rise to 70% within two years.
Regarding partnerships, ABUP sealed a strategic collaboration with Tencent in 2022. The collaboration provides automakers with diverse applications, including Tencent's WeChat, QQ Music, and Tencent Video, as part of in-car experiences, offering passengers entertainment and convenience on the go.
