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Autonomous driving tech firm Nullmax nabs around 780 million yuan in Series B funding

Gabriella From Gasgoo| October 12 , 2023 17:58 BJT

Beijing (Gasgoo)- On October 12, autonomous driving technology firm Nullmax announced the successful completion of its Series B financing, amassing a total of around 780 million yuan. 

Autonomous driving tech firm Nullmax nabs around 780 million yuan in Series B funding

Photo credit: Nullmax

Leading the round was Shanghai Stonehill Technology Co., Ltd. (Shanghai Stonehill), with Stonehill Technology Limited, an existing shareholder, participating in the additional investment, along with other investors.

This financing follows an announcement made by Shanghai Stonehill on August 30, outlining its plans to inject capital and acquire a portion of Nullmax (Cayman) Limited's equity. The plan detailed Shanghai Stonehill's subsidiary's intention to inject approximately 1.98 billion yuan as a pre-investment valuation and increase Nullmax (Cayman)'s capital by 675 million yuan or the equivalent amount in USD, giving it a 26.12% stake post-investment.

In parallel, the company aimed to transfer a total of around 1.88 billion yuan as a pre-transfer valuation and, using its own funds, acquire shares from Nullmax's founder, Desay SV, and other shareholders, resulting in a 13.08% stake post-investment. Following the completion of these transactions, Shanghai Stonehill will hold 39.20% of Nullmax's equity and, with the exercise of 11% voting rights, will command 50.20% of the voting rights.

Nullmax was founded in Silicon Valley in 2016 and began its expansion into Shanghai in early 2017. Nullmax currently offers two product lines, MaxDrive and MaxVision, delivering complete intelligent driving systems and customized visual perception modules to customers. It's worth noting that Nullmax has secured projects from various industry clients, with partners including SAIC Motor, Chery, and JMC. This recent Series B funding marks a significant milestone in Nullmax's growth.

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