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Electric Car Maker Sitech Wins USD 9-digit Series A

The Paper, 5/26/18

Gui'an-based electric vehicle maker Sitech recently announced completion of USD 9-digit Series A funding led by CDH Investments with participation by Hongjia Asset Management.

Sitech was registered in September 2017 and operates as new energy vehicle startup manufacturing enterprise. The company's largest shareholder is controlled by state-owned Gui'an New Area Development Investment.

Sitech also said that it has completed a new strategic partnership agreement with German multinational engineering and electronics firm Bosch centered on projects for automated valet parking systems and other technologies for smart driving and urban parking facility applications.

In April 2018, Sitech launched a new product called the DEV1, including flagship and shared editions designed for end-users and the car-sharing service of Beijing-based shared bicycle operator Mobike Technology, respectively. Xian Yue, founder and CEO at Sitech, also said that the company has developed an A0-grade vehicle model and that the company will deliver custom shared vehicles to Mobike by October 2018.

Editor's Note: For more information on this topic, please see Mobike, Sitech Cooperate on Electric Vehicle Production, MD 11/04/17 issue.

Keywords: CDH Investments Hongjia Asset Management Mobike Chuxing vehicle rental app VC hardware funding Series A electric vehicle Mobike Xian Yue Sitech automobile


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