Tencent, PICC invest in V2X developer INGEEK

Beijing (Gasgoo)- China’s V2X developer INGEEK has recently completed its Series B financing round co-led by tech giant Tencent and PICC Capital.

Photo credit: INGEEK

INGEEK has received hundreds of millions of yuan in this round. The funding will help it advance its technologies and explore the service scenarios of digital keys. More importantly, the investment allows INGEEK to conduct R&D on the automotive intelligent connection system (ICS), furthering its development in the V2X field. 

Early on, INGEEK completed its Series A financing round in 2018 led by Walden International. A year later in 2019, the company closed its A+ round led by Beijing V2X Industrial Fund LLP. 

Established in 2008, INGEEK is dedicated to cyber securities, serving mainly financial, communication institutes, and government organizations. However, with automotive intelligence and V2X becoming more and more popular, the company intuitively transitioned to a V2X servicer building on its accumulation in the information security field. 

The past experiences helped INGEEK develop a series of safety infrastructures. Building on the infrastructures, INGEEK introduced a digital key that links vehicles to people. In March 2019, its first-generation Bluetooth digital key was deployed onto GAC AION’s vehicles.  

Up to now, the company has implemented its digital key products onto over 70 vehicle models from roughly 30 automakers, accounting for at least 50% of the market. Well-known carmakers like Toyota, Lexus, Ford, Great Wall Motor, Geely, and Dongfeng Motor are part of the company’s clients.