Neusoft’s automotive software unit, which is co-owned by Alpine Electronics, will use the money to enhance its products, develop new offerings and increase its market share.

China-based IT services provider Neusoft’s Reach Automotive Technology subsidiary has received RMB650m ($101m) in a funding round led by investment firm CMG-SDIC Capital at a $1bn valuation.

Virtue Capital also took part in the round, which represents Neusoft Reach’s first external funding. CMG-SDIC Capital acquired a 9.3% stake in the company in return for $93m while Virtue Capital got a 0.78% share for $7.8m.

Formed in 2015 and also known as NeuSAR, Neusoft Reach is working on artificial intelligence-equipped automotive…

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Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.
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