Smart sensor developer BYD Semiconductor has spun off from its parent company, electric vehicle producer BYD, with $265m secured at a valuation topping $1.3bn.
BYD Semiconductor, a smart sensor subsidiary of China-based electric vehicle manufacturer BYD, raised RMB1.9bn ($265m) yesterday in a round representing its first external funding, according to a regulatory filing.
The cash was provided by a consortium co-led by venture capital firm Sequoia Capital China, investment bank China International Capital Corporation’s CICC Capital unit and SDIC Venture Capital, a subsidiary of state-owned fund manager State Development and Investment Corp. Each contributed through multiple funds.
Consulting firm Shenzhen Xindi…
Thierry Heles
Thierry Heles is editor-at-large of Global University Venturing and Global Corporate Venturing, and host of the Beyond the Breakthrough podcast.
