Matrix China leads $60m round for Nasn Automotive
Shanghai-based Nasn Automotive, a manufacturer of vehicle wiring and brake systems, has raised RMB400 million ($60 million) in a Series B round of funding led by Matrix Partners China.
Founded in 2016, Nasn claims to be the only manufacturer in China that can control the entire process of mass producing smart wiring systems for new energy and autonomous cars. Its main products include smart brake system NBooster and steer-by-wire system EPS. Among its clients are leading new energy vehicle manufacturers such as Beijing Electric Vehicle and JMEV.
Other participants in the funding round include Qiming Venture Partners, GP Capital, Shang Finance and Maison Capital. The fresh capital will go toward building the second phase of Nasn's new manufacturing base, upgrading its current product lines and expanding its R&D team. The new manufacturing base will occupy around 60,000 square meters of space and has the capacity to produce 3 million sets of wiring systems per year, according to an announcement.
“Under the current climate in the fundraising space in China, the swift close of this round will give the company strong support for its future growth. We are very bullish on the future of new energy and autonomous vehicles in China, thus we are bullish on the development of Nasn as well,” said Ming Yin, executive director of Qiming, who is also chairman of Nasn.
The company received RMB100 million in Series A round in January 2018 from Qiming and GP Capital, while in 2016 it received several thousand million renminbi in seed funding from individual investors.
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