Alibaba-backed Banma secures 3 billion yuan from four existing shareholders

Shanghai (Gasgoo)- Banma Network Technology (Banma), a Chinese Internet car solution provider, nabbed 3 billion yuan ($463.485 million) worth of capital from its four existing shareholders, namely, Alibaba Group, SAIC Group, CMG-SDIC Capital, and Yunfeng Capital.

Banma signing agreement with four existing shareholders; photo credit: Banma

Zhang Chunhui, co-CEO of Banma, said the company will strengthen the investment in the R&D of operating systems, so as to boost the intelligent and digital development for automotive industry. In addition, Banma will launch a new round of strategic funding in the near future.

Banma said its in-house developed intelligent cockpit system will be introduced to mass-produced models from many auto brands between the second half of this year and next year. 

Banma provides an intelligent automobile operating system, intelligent automobile solutions as well as digital transportation solutions for both automotive and transportation industries. It has so far had over 100 million lines of code and more than 2,000 patents related to operating system. Powered by Alibaba's self-developed AliOS, Banma's auto solutions have currently collaborated with more than 100 vehicles models from such automakers as SAIC Motor, FAW Group, and Volkswagen Group.

At the 2021 World Artificial Intelligence Conference (WAIC) held earlier this month, Banma launched the new AI platform “Tianpu” (meaning “sky falls), which utilizes self-developed technologies of Alibaba DAMO Academy, Tmall Genie, and Banma. The platform will be first applied in the Roewe Jing (meaning “whale”), a new SUV set to hit the market in the fourth quarter of 2021.