The Shanghai-headquartered electric vehicle powertrain manufacturer Leadrive Technology on Monday announced that it has raised RMB 150 million (USD 21.6 million) in its Series B round led by Legend Capital.
Lenovo Capital, government-backed Shanghai Kechuang Fund, and Cai Dongqing, founder of EV battery-swapping firm Aulton, all joined this round.
Founded in 2017, Leadrive Technology, which aims to provide homegrown powertrain systems to EV makers, is producing automotive inverters since May and supplies its products to clients in China and Germany, the company said.
The startup will use the new funds to mass-produce inverters, as well as power-integrated modules, and to develop next-generation products.
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.