US, China-based Protean gets $40m Series E
Chinese automotive industry supplier Weifu High Technology Group has led a $40 million Series E round for Protean Electric, a US and China-based auto equipment developer backed by a number of VC investors.
Existing backer Oak Investment Partners also participated. The investment will precipitate a China-based manufacturing and technology development joint venture with Weifu as well as the establishment of a global licensing model covering all of the company's key products.
Founded in 2008, Protean focuses on in-wheel electric drive systems in electrified vehicles. In-wheel engineering aims to improve driving performance and fuel economy by repositioning power supply components and other essential motor functions inside the wheel.
The company's latest product, known as Pd18, is designed to provide the power and torque required by plug-in hybrid and electric vehicles (EV) in the personal-use and light commercial-use categories. It will be jointly developed with Weifu.
"As the world accelerates digital transformation and vehicles become more autonomous, a smart, stand-alone drive solution that includes integrated power electronics, digital control, embedded autonomous EV sensors and friction brake is set to change how we view and experience transportation," Bandel Carano, a managing partner at Oak, said in a statement.
Previous investment includes a $70 million round in 2016 led by GSR Ventures with participation from Oak, and Go Scale Capital, a Chinese GP sponsored by both GSR and Oak. GSR also led an $84 million round in 2012, which was joined by Oak and Jiangsu New Times Holding Group. Additional strategic backers include Chinese auto parts manufacturers Zhejiang VIE Science & Technology and Tianjin THSG Corporation.
Western cleantech companies have proven to be an important source of expertise and technology in China's EV space. Recent PE activity exploiting this trend includes a $107 million Series B for Divergent 3D, a US-based EV supplier expanding into China. Previously, Go Scale teamed up with US solar power company SPI Energy on a $500 million project to build electric vehicle batteries in China.
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