Chinese new energy vehicle (NEV) manufacturer SITECH DEV announced on Thursday that it has reached the unicorn valuation of at least US$1 billion after the completion of a series B funding round led by an industry fund from southwestern China’s Chongqing city.
The new round also attracted the participation of several investment institutions, said SITECH DEV in a statement released on its WeChat official account. The company said it will unveil the details of investors and the fundraising amount at a media briefing in the near future.
SITECH DEV was founded in September 2017 in Guiyang, the capital city of southwestern China’s Guizhou province which is promoted by the government to become "China’s data valley." The company has built an online-to-offline service system that integrates its official website, mobile app, and over 80 brick-and-mortar stores to provide integrated NEV experience and maintenance services to customers.
The NEV manufacturer produces DEV1, an ultra-predictable A0 electric vehicle model equipped with a D-OS intelligent vehicle networking system and a vehicle-mounted charging service network system. The DEV1 model, released in October 2018, costs less than RMB80,000 (US$11,581) after the government subsidy.
In late April, the company also introduced DEV Lite, an electric vehicle model with a battery capacity of 150 kilometers from a full charge. The new model is priced at RMB60,000 (US$8,686) after the subsidy.
Proceeds of the new round will be used to innovate new business models, expand into the vertical NEV industry, and speed up the research and development of new products, said SITECH DEV in the statement.
The company completed a series A round led by Beijing-based alternative asset management firm CDH Investments in May 2018.