Chinese intelligent chassis solution provider BIBO has announced the completion of its Round A financing on April 10. The funding, which amounted to 200 million yuan ($29 million), was led by NIO Capital and Orient Jiafu Asset Management Company Limited. CWB Automotive Electronics Co., Ltd and Addor Capital also participated in the round as followers.
BIBO has over 20 years of experience and technological expertise in researching and developing electronic products for chassis. This knowledge comes from the State Key Laboratory of Automotive Safety and Energy at Tsinghua University. BIBO possesses self-developed capabilities in intelligent braking, steering, domain control, as well as integrated line control chassis products.
The company specializes in several products, including the One-Box integrated line control dynamic system, Two-Box electronic hydraulic brake system, electronic power assist brake system, electronic vehicle stability control system, electronic mechanical line control dynamic system, electric redundant steering system and chassis domain controller.
The company operates two major research and development centers in Beijing and Shanghai, along with a production base located in Nantong, Jiangsu Province. Its core R&D team comprises approximately 70% of the total staff, including professionals from top domestic and global enterprises such as Bosch, SAIC, BYD, as well as renowned universities like Tsinghua University, Jilin University, Wuhan University of Technology.
The company’s products were first delivered in large quantities towards the end of last year and are expected to achieve full-scale mass production by mid-2023. Following this round of financing, it plans to increase investment in two digital production lines to ensure high-quality delivery of customer orders.