Leekr Technology, a chassis-by-wire system solutions provider, announced on Thursday its completion of A and A+ rounds of financing, securing a cumulative amount of nearly 200 million yuan ($29.56 million).
The round-A investment was jointly led by Vision Plus Capital and Sinovation Ventures, with additional participation from FTZ Fund, the Lingang New Area Science and Technology Innovation Fund and Unity Ventures. The round-A+ investment was led by Harvest Fund, with Yiqilihe serving as a co-investor. Vision Plus Capital, FTZ Fund and Lingang New Area Science and Technology Innovation Fund are existing shareholders of the firm.
The newly acquired funds are mainly to be used for the construction of a Phase I-Phase II intelligent manufacturing industrialization base and for investment in R&D of next generation products of chassis-by-wire systems. Also, the funds are intended to guarantee large-scale delivery of the company’s decoupled electronic brake booster (DHB) and integrated intelligent brake system (IHB) in 2022.
Founded in 2021, Leekr Technology is committed to providing safe, efficient and intelligent complete solutions for chassis-by-wire systems to car companies and industrial partners. The founding team has worked in the chassis industry for decades, and its core R&D members are from the top system suppliers in the world, such as Bosch, ZF Friedrichshafen AG, Continental AG and Huawei, and have rich experience in the mass production of projects.
Its DHB and IHB have been designated for nine car projects of leading Chinese automakers, covering new energy vehicles and fuel vehicles. The company completed winter tests in March, and expects to realize the first large-scale mass production of car company projects in mid-2022.
Hui Zhifeng, the founder and CEO of Leekr Technology, said: “I am honored that our team and product R&D capabilities are recognized by customers and investors of car companies. We will continue to build better by-wire chassis products in line with market demand, and cooperate profoundly with car companies in new fields such as new energy and autonomous driving.”