Alibaba and SAIC Motor helped provide fresh funding for the in-car system provider having formed it as a joint venture in 2015.
China-based smart car technology manufacturer Banma Technologies has secured up to ¥3bn ($465m) in funding from investors including e-commerce group Alibaba and automotive manufacturer SAIC Motor, DealStreetAsia reported yesterday.
Private equity firm Yunfeng Capital and private equity fund manager CMG-SDIC Capital also contributed to the round, which followed a $233m series A round in 2018 led by CMG-SDIC and backed by Yunfeng Capital and Shangqi Capital, a vehicle for SAIC Motor subsidiary SAIC Capital.
Established in 2015 as a…
