On August 25, Bibst (Shanghai) Automotive Electronics Co., Ltd., also known as BIBO, announced its completion of nearly 100 million yuan ($14.6 million) in a pre-A round of financing.
This round is led by Sequoia China Seed Fund, followed by Shanghai Highlight Capital and Atom Smart Transportation Industry Fund. The funds will be mainly used for product R&D, talent recruitment and production. At the beginning of its establishment, the firm also received an angel round of investment worth tens of millions of yuan from Atom Ventures and Atom Intelligent Transportation Industry Fund.
Founded in May 2021, the firm focuses on the field of wire control chassis. Its products cover brake systems, steering by wire systems and domain controllers. The firm is committed to providing intelligent chassis core components, chassis domain controllers and automated driving technical services for the global automobile market.
The firm’s brake system products, including eBooster, ABS, and ESC, reached mass production in December of last year, and BIBC products will be mass-produced in December of this year. Now, 500,000 sets per year of the eBooster and ESC and BIBC products have been completed in Nantong, Jiangsu Province.
In addition to existing products, the firm’s team has realized technology R&D and small-scale application of electronic mechanical brake systems (EMBs), steering-by-wire (SBW), chassis domain control unit (DCU) and other products.
Up to now, the firm’s eBooster, ESC, BIBC and other products have gained orders from many domestic car companies and will be applied on more than 10 vehicle models. According to 36Kr, Dr. Liu Xiaohui, firm CEO, said, “The company aims to be a global provider of wire control chassis. We hope to create a new ecosystem of mutual benefit and symbiosis in the smart car industry chain through in-depth cooperation with carmakers.”
According to data from CITIC Securities, the global automotive wire control chassis market will reach 152.8 billion yuan in 2026, and the CAGR will reach 27.8% in five years. In this field, the development of throttle by wire and shift by wire technology has become relatively mature, and brake by wire and steering by wire technology will become the next main field with great potential for growth.