ORITEK secures hundreds of millions of yuan in B1 financing round

Shanghai (Gasgoo)- On November 20, ORITEK announced the successful completion of its B1-round financing, which raises for the company hundreds of millions of yuan.

The fresh funding round was led by CMG-SDIC Capital, with participation from leading investment firms and industry capital, including CASSTAR, Kunpeng Transportation Captital Fund, Xingyu Co., Ltd, who were also existing shareholders.

Photo credit:  ORITEK

ORITEK was founded as a joint initiative between its founding team and CMG-SDIC Capital, with shareholders that include state-owned capital, industrial capital, top-tier venture capital firms, and key players in the automotive industry supply chain.

As a provider of AI system-on-chip (SoC) solutions for intelligent automotive platforms, ORITEK focuses on meeting the core demands of the automotive industry's transition to third-generation electrical/electronic (E/E) architectures. The company drives its "Everything+AI" strategy, which aims to bring AI technologies to practical automotive scenarios, enabling automakers to offer consumers a fully integrated, intelligent driving experience.

On the product front, ORITEK's Longquan series covers a wide range of chip needs for intelligent carborne components, including AI-based headlights, AI-based camera monitoring system (CMS), zone control unit (ZCU), and integrated central computing units for driving and parking. The company is also renowned for its cutting-edge AI algorithms and flexible, layered delivery of software and solutions. These innovations are claimed to significantly reduce the development costs of new products and features, while also shortening the time to market for automakers.

According to ORITEK, it has conducted in-depth cooperation with dozens of Tier-1 suppliers and partners, and has secured designated orders for several vehicle models.