Half a year after raising $500m in a TUS Holdings-backed series B round, the electric car developer is seeking another $500m before it floats.
Byton, a China-based smart car developer backed by Tsinghua University’s asset management arm TUS Holdings, is seeking at least $500m in funding, Reuters reported yesterday.
The company is aiming for a valuation of more than $4bn and is particularly keen on attracting overseas investors, according to people familiar with the matter. Byton confirmed it was raising a series C round but did not reveal any additional information.
Founded in 2016 as Future Mobility, Byton is developing smart, electric vehicles that boast features such as a 49-inch dashboard screen, a tablet integrated in the steering wheel and connected in-car applications.
The company intends to begin series production of its sports utility vehicle, M-Byte, by the end of 2019, having built approximately 100 prototype cars that are currently undergoing a wide range of tests.
The series C funding is expected to support the mass production of M-Byte and research in addition to development efforts.
Carsten Breitfeld, chief executive and co-founder of Byton, told news publication Automobilwoche in October 2018 that his company would raise one more round before it pursues an initial public offering, though he did not offer a timeline.
Byton closed a $500m series B round in June 2018 backed by TUS Holdings, automotive manufacturer FAW Group and battery producer Contemporary Amperex Technology as well as several undisclosed backers.
The company had initially secured $100m across two rounds, including $30m from car dealer China Harmony New Energy Auto Holding in 2016, before retail group Suning and diversified holding company Fullshare Holdings added $200m in August 2017.
– Feature image courtesy of Byton. A version of this article first appeared on our sister site, Global Corporate Venturing.
