On November 8, Atech Automotive (Wuhu) Co., Ltd., a smart vehicle equipment manufacturer, announced the completion of a new Round C financing deal exceeding 500 million yuan ($69 million).
This round of financing was jointly led by Hubei Xiaomi Changjiang Industrial Investment Fund Management, CICC Capital’s fund, PICC Capital Investment Management, Anhui Guojiang Future Antomotive Industrial Investment Fund and China Fortune-innovation Capital. Co-investors include Wingtech Industrial Investment, NationalChip, Yunxiu Capital, MainTrend Capital and other institutions. Existing shareholders Oct Capital and Cowin Capital continued their investment.
Atech Automotive was established in 2003 and is a joint venture between A-Tech Australia and China’s Chery Automobile. The main business products focus on the new generation electronic and electrical architecture and SOA concept. It develops automotive electronic products such as central core domain control, body controller, domain controller, RF Bluetooth, keyless entry system, new energy automotive electronics and intelligent seats.
With the increasing centralization of automobile architecture, it is becoming increasingly obvious that the traditional decentralized small controllers are being replaced by body domain controllers with higher functional integration. Atech Automotive’s vehicle body domain controller can help carmakers to reduce costs and increase efficiency, reduce the quantity of MCU controllers that need to be purchased, the weight of wiring harnesses, the cost of supply chain, the facilitation of intelligent development and the upgrade of vehicle body functions.
At the same time, based on the vehicle body domain technology, Atech Automotive is gradually integrating the related functional devices and technical platforms in the driver’s seat, intelligent driving and power-through technologies such as the body control module (BCM)/body domain module (BDM). The company is in the midst of creating a new generation of automotive electronic and electrical architecture platform based on SOA software.
The company’s customers include Chery, Great Wall Motor, Changan Automobile, Geely, FAW Audi, Volvo, BAIC, Li Auto and XPeng Motors, etc. With annual sales of more than 10 million sets of automotive electronic products, its market share now exceeds 30%.
Hubei Xiaomi Changjiang Industrial Investment Fund Management stated: “We continue to be optimistic about the development of Atech Automotive, and continue to make additional investment in this C round of financing. We will continue to invest in the smart electric vehicle industry relying on Xiaomi Group to help the rapid development of outstanding enterprises in the industry.”