EV startup SiTech receives hundreds of millions of US dollars in series A led by CDH Investments

tmtpost

tmtpost

· 2018.05.31

The startup has reached a strategic cooperation agreement with Bosch on the project for the concrete application of the Automated Valet Parking (AVP) technology.

(Chinese Version)

SiTech, a Guizhou-based new energy automobile startup received hundreds of millions of US dollars in series A funding from CDH Investments, Hongjia Capital and others.

The startup has reached a strategic cooperation agreement with Bosch on the project for the concrete application of the Automated Valet Parking (AVP) technology. It will initiate the Alliance of the Electric and Smart Ridesharing Industry ( “Trend Alliance” for short) together with enterprises and institutions including FAW Car, China Mobile, the Agency for European Integration and Economic Development (AEI) and so on.

SiTech and Bosch jointly stated that the two parties would deepen their cooperation in autonomous driving and smart transportation. Among these cooperation projects, to adopt the AVP technology in some concrete applications, the two parties will jointly research and develop the upgraded SiTech DEV1. In addition, both parties will choose suitable parking areas to carry out AVP trials, which will be replicated and promoted nationwide. In the future, SiTech and Bosch will cooperate on smart city projects and cooperate comprehensively on smart transportation projects, covering the whole project cycle including pre-sale, implementation and post-sale.

Xian Yue, co-founder & CEO of SiTech, believes that the funding from CDH investment will bring more capital and strategic resources to support the future development of SiTech, and will bring advanced and rich experience for regulating and managing the development of SiTech.

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The article is edited by @Yi LIU (Email: yiliu@tmtpost.com;  Mobile/WeChat: +86 13911703028). The Chinese version article is published with authorization from the author @TMTpost, please note source and hyperlink when reproduce.

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