Tencent increases investment in intelligent driving company LinearX

Beijing (Gasgoo)- China’s tech giant Tencent increased its stake in the Shanghai-based intelligent driving software platform developer, LinearX, to become the latter's the third largest shareholder.

Photo credit: LinearX

As the previous sixth largest shareholder of LinearX, Tencent used to hold 4.73% stake in the startup with RMB28,400 invested. After LinearX’s Pre-A financing round, which raised for the company over one hundred million yuan, Guangxi Tencent Venture Capital Co., Ltd. saw its investment in LinearX's registered capital rise to RMB65,900, which corresponds to 8.75% stake in the startup.

The company’s recent Pre-A financing round was jointly led by Broad Vision Funds and Shenzhen Capital Group, and followed by LinearX’s three existing shareholders. Financial consultant of the round was Millennium Capital. 

Since its establishment in August 2021, the technology concept of LinearX has been recognized by many legacy automakers as well as auto startups. Currently, the company is actively cooperating with Tier1 suppliers, chip manufacturers, and algorithm companies on product development and project implementation on various levels.

The proceeds raised in the Pre-A round will be used for talent recruitment, technology development, product optimization, and market expansion.