Banma Technologies, a joint venture between Alibaba and SAIC Motor that focuses on developing smart operating systems for internet-connected cars, has raised Rmb1.6 billion $233 million to research and develop intelligent vehicle technologies.
The company's first-ever public fundraising was led by SDIC Fund Management, the private equity arm of State Development Investment Corporation, and featured Yunfeng Capital and Shangqi Capital, Banma said on Thursday. And further fundraisings are planned.
The three year-old start-up did not divulge its post-money valuation but confirmed it has achieved so-called unicorn status meaning it is a private company now valued at more than $1...
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