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