Alibaba-backed Banma raises over RMB 1.6 billion in first financing round

Shanghai (Gasgoo)- Banma Technologies, a China-based Internet car solution provider, announced on September 13 that it has raised over RMB 1.6 billion in the first financing round, which was led by SDIC Fund Management Company Ltd. and involved the other two investors, namely, Yunfeng Capital and Shangqi Capital.

The money raised in this fundraising will be mainly used to recruit top talents and research and develop cutting-edge technologies with the aim of promoting the business expansion and cooperation opening-up.

Jointly built by Alibaba Group and SAIC Motor in 2015, Banma Technologies is making efforts to speed up China's Internet car development. Reportedly, its AliOS-based ICV operational system will be applied in three new models to go on sale in the second half of the year from Dongfeng Citroen, Changan Ford and Qoros Auto respectively. In addition, the company will open up its on-board application platform, accessing to the applications and services developed by automakers and the third-party service providers.

Hao Fei, CEO of Banma Technologies, said that the company takes the platform opening-up as the foundation for survival development. The only way to serve the automotive industry better is to entirely open up platforms, not just deploying a plenty of Internet cars on roads, he added.

Zhai Jun, managing director of the leading investor SDIC Fund Management, thought highly of Banma Technologies' leading presence in ICV domain and expressed the willingness to help the Alibaba-backed company implement its opening-up strategy.

Apart from Banma Technologies, SDIC Fund Management also plowed money in such industry-leading firms as CATL and Joyson Safety Systems.