Chinese auto tech firm Nasn Automotive Electronics has completed a RMB400 million (US$59.61 million) series B round of financing, led by Matrix Partners China, with participation from Qiming Venture Partners, Shang Finance, Maison Capital and GP Capital, according to a WeChat statement released today.
The new cash from the round will be used for the construction of its second plant and research and development of existing products, including NBooster and the EPS series. Its second manufacturing facility for mass production is planned to be 60,000 square meters, and push its annual capacity to 3 million sets of products.
Established in 2016, Nasn Automotive Electronics is a Shanghai-based manufacturer of electronic chassis control products for autonomous vehicles, including NBooster intelligent brake system, a brushless electric power steering system controller and a wire-controlled chassis system.
Its Nbooster has been incorporated into BAIC Motor’s EC series vehicle and level 4 self-driving bus Apolon, which has been co-developed by Baidu and King Long.
The company has also ventured into intelligent decision-making products in advanced driver assistance system (ADAS) and autonomous driving.
Its Nbooster series, combined with an automatic emergency braking (AEB) system, has shortened the emergency braking distance by 5 meters, and shortened the required braking time by four times, said the company on its website.
The company faces competition from global control chassis providers, such as Bosch in Spain, Italian Brembo, Germany Continental Automotive, Schaeffler and ZF Friedrichshafen AG.
In April 2018, the company raised about RMB100 million (US$14.4 million) in series B1 round of financing from Qiming Venture Capital and GP Capital.
In 2016, it received an angel round worth tens of millions of yuan from Shenzhen Linkconnect Electronics, a manufacturer of connectors for the 3C industry, for items like cellphones and laptop and panels.