Chinese OTA solution provider ABUP closes Series B round

Shanghai (Gasgoo)- Chinese OTA solution provider ABUP today announced via its WeChat account that it has completed its Series B funding with nearly 100 million yuan ($13.881 million) raised.

The fresh round was led by Guoke Xinneng, an equity investment platform registered in Hefei, and also attracted GRANARY CAPITAL.

Photo credit: ABUP

The proceeds raised from the funding round will be mainly used in product R&D, as the company wishes to enlarge its simplex product line into an ecosystem and build its new operating model. Besides, ABUP plans to use a part of the proceeds to supplement working capital.

Prior to the latest funding closure, ABUP obtained capital supports from such big-name investment platforms as Cathay Capital, Shanghai Zhangjiang High-Tech Park Development Co., Ltd. and Shanghai Zhangjiang Science & Technology Venture Capital Co., Ltd.

Founded in 2017, ABUP is a leading Chinese provider of OTA solutions for automobiles and IoT (Internet of Things). It provides customers with OTA products and solutions leading to AI smart world, such as firmware upgrades (FOTA), software upgrades (SOTA), automobile cloud diagnosis (DOTA), and IoT upgrade solutions (IOTA). Meanwhile, its OTA cloud platform offers big data services to clients and users.

Up until now, ABUP has accumulated over 100 patents and software copyrights in the field of OTA. Its technologies have been certified to the CMMI-3 and the ASPICE CL2.

ABUP has so far served 50 auto parts and software service suppliers, as well as 40 automakers, including SAIC Motor, GAC Group, BAIC Group, Great Wall Motor, BYD, Geely Auto, Dongfeng Motor, Li Auto, Xiaomi EV, AITO, HiPhi, Aiways, Mercedes-Benz, and Volkswagen.