AVATR completes Series A, valuation approaching RMB 10 billion

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Beijing (Gasgoo) – AVATR Technology, an automotive startup backed by Changan Automobile, CATL and Huawei, announced the completion of its Series A funding round on August 2.

Photo credit: AVATR

The round was led by the China National Green Development Fund and included many institutional investors such as China Merchants Jintai Capital and CITIC New Future Investment. Existing AVATR shareholders Changan Automobile and China Southern Capital have also increased their investment in the automotive startup.

After the completion of the A round, Changan Automobile and CATL will remain the first and second largest shareholders of AVATR.

Along with the capital increase, AVATR Technology will also sign agreements with new investors for long-term strategic cooperation in sales network support, automotive chip supply, visual image perception, intelligent cockpit development, etc., which further strengthens the company’s resource advantages worldwide. industrial chain.

Following the completion of the capital increase round, AVATR Technology has raised nearly RMB 5 billion ($740.72 million) in total, with a post-investment valuation close to RMB 10 billion ($1.48 billion).

AVATR is currently working on a second production model. Meanwhile, its first model, the AVATR 11, will officially hit the market on August 8.

AVATR completes Series A, valuation approaching RMB 10 billion

Source link AVATR completes Series A, valuation approaching RMB 10 billion