EV startup Sitech closes Series B funding round, almost reaches unicorn status

Shanghai (Gasgoo)- China’s EV startup Sitech on May 16 announced the completion of a Series B funding round, which is led by an industrial investment fund of Changshou District in Chongqing. Up until now, the startup is valued at over RMB10 billion, almost reaching a unicorn status.  

The amounts of the capital raised and more details about the latest financing round will be announced at an upcoming funding conference.

Sitech intends to speed up the R&D of new products, make the sales channels move down closer to consumers and innovate business development modes after the Series B funding round completes, said the startup. Before long, the company will unveil a new mobility strategy and launch its ride-hailing service online. Moreover, it plans to release a next-generation intelligent A0-segment EV model at the Auto Guangzhou 2019.

Founded in September 2017, Sitech is a NEV developer boasting efficient and independent EV R&D capability. From the time being, it has deployed R&D facilities in such cities as Hangzhou, Beijing and Guiyang to independently develop a variety of core technologies like complete vehicle platform, IoV (Internet of Vehicles) and autonomous driving. 

In early 2018, the startup finished the angel funding round which was invested by Gui'an New Area Emerging Industry Development Fund and Gui'an New District Development and Investment Co.,Ltd. Then in May last year, it raised hundreds of millions of dollars from its Series A financing round led by CDH Investments.