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Geely-backed tech company ECARX bags 1.3 billion yuan in Series A round

Monika From Gasgoo| October 26 , 2020 12:44 BJT

Shanghai (Gasgoo)- ECARX, a Geely-backed tech company, announced on October 26 it has closed its series A financing with 1.3 billion yuan ($194,456,470) raised, reaching a valuation of over 10 billion yuan ($1,495,819,000).

The Series A round is led by Baidu and is co-invested by SIG China. Those investors will support ECARX in developing core technologies for automobile intelligence and pushing ahead with its global strategy. 

Geely-backed tech company ECARX bags 1.3 billion yuan in Series A round

Photo credit: ECARX

The proceeds from the Series A funding will be deployed in the R&D of auto-related chips, HD (high-definition) maps and autonomous driving technologies, and be used to advance the company's global strategy, the company said via its WeChat account.

At the end of 2020, ECARX is expected to launch a R&D hub in Europe to supply local market with its technologies and platform-based services. As to auto chips, the company has hammered out a complete product strategy and a plan for volume production and R&D pivoting around intelligent cockpit, autonomous driving and microcontrollers.

The completion of the Series A round signifies that ECARX has got an access to the capital market and it might move faster to capitalize itself.

Involving the strategic investment from Zhejiang Geely Holding Group, ECARX is dedicated to developing such products and technologies as auto-related chips, intelligent cabinet, intelligent driving, HD map, big data and IoV (Internet of Vehicles) cloud-based platform. It develops a digital cockpit system which merges infotainment, connectivity integration, and vehicle management together with big data and cloud platforms along with analysing user experience data to continuously improve GKUI, a Geely-owned open application platform which combined with the power of the Internet allows for endless collaborative possibilities.

As far back as July 2019, ECARX announced the official signing of a strategic partnership formed with Baidu Apollo. Both parties will continue their in-depth cooperation in the fields of Xiaodu In-Car OS, AI brain, voice technology and car-mounted map.

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