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Xiaomi-backed investment fund invests in strategic round of NEV parts supplier EVTECH

Monika From Gasgoo| January 12 , 2022 11:13 BJT

Shanghai (Gasgoo)- Zhejiang EVTECH Co., Ltd. (EVTECH), a Chinese tech company focusing on NEV-related core components, announced earlier this week it has nabbed over 100 million yuan ($15.689 million) in a strategic financing round supported by Hubei Xiaomi Yangtze River Industry Investment Fund Partners (Limited Partnership) (hereinafter referred to as “Xiaomi Industry Investment Fund”), which is backed by Xiaomi Inc.

Xiaomi-backed investment fund invests in strategic round of NEV parts supplier EVTECH

Photo credit: EVTECH

The proceeds from the fresh funding round will be mainly used for EVTECH's R&D of new platform and deployment of overseas business, said the company.

Prior to the strategic round, EVTECH completed a Series D financing, which was led by Huaqiang Capital and also attracted the investors including CR MICRO and Hongda High-Tech. The capital raised from the two funding rounds amounts to nearly 300 million yuan ($47.066 million).

Founded in 2011, EVTECH engages in the R&D and production of on-board chargers and on-board DC/DC converters for NEVs. Its manufacturing base is situated in Anji County, Huzhou City, and its R&D center lies in Hangzhou City.

The main clients of EVTECH encompass such well-known OEMs as Renault-Nissan Alliance, Great Wall Motor, GAC Group, NIO, and XPeng.

“EVTECH's products are core components to NEV charging scenarios. We are upbeat about EVTECH's technical insights into the high-voltage power supply area and continual pursuit of great product quality,” said Sun Changxu, senior partner of Xiaomi Industry Investment Fund.

EVTECH has entered into a pre-listing tutoring agreement with Guotai Junan Securities, the latter revealed in early Jan. 2022, indicating the NEV auto parts supplier is actively pushing ahead with its IPO progress.

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