Automotive solution provider Neusoft Reach banks RMB650 million
Beijing (Gasgoo)- China’s software giant, Neusoft, announced an RMB650 million ($101 million) worth of investment received by its subsidiary, Neusoft Reach Automotive Technology (Shanghai) Co., Ltd. (Neusoft Reach), completing the branch’s first time of financing for business expansion.
Photo credit: Neusoft Reach
According to the announcement, SDIC was a majority investor with RMB600 million ($92.96 million), accounting for 9.3% of Neusoft Reach’s stake, and with RMB50 million ($7.75 million) invested, Virtue Capital owned 0.78% in the company’s equity. After the investments, the said subsidiary will no longer be included in Neusoft’s combined financial statements.
Founded in 2015, Neusoft Reach is an innovative company that delivers new value by integrating new technologies while leveraging its strength in the software area. The company offers a broad range of intelligent services and solutions for next-generation automobiles in various areas, including automotive fundamental software NeuSAR, ADAS, autonomous driving, vehicle-cloud-integrated software and services, new energy vehicles’ power system controller, software and thermal management system, and ride-sharing service platforms.
With the solid financial support it received in this round, Neusoft Reach aims to further strengthen its technology research and development, and expand its market share.
In addition, major enterprises in the auto industry such as Horizon Robotics, Honda Motor, FAW Group, and GAC Group are partners to the company in different degrees.
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