China automotive parts supplier Bibo raises $29m
Nio Capital and Hangzhou-based Orient Jiafu Asset Management have led a CNY 200m (USD 29m) Series A round for Bibo, a China-based automotive parts supplier.
Other investors include Shanghai-listed CWB Automotive Electronics and Addor Capital.
Founded in 2021, Bibo produces intelligent chassis solutions, serving as an alternative to products imported from overseas. the company spun out from the automotive safety and energy conservation lab at Tsinghua University. It operates two R&D centres in Beijing and Shanghai alongside a manufacturing centre in Nantong, Jiangsu province.
Bibo has developed a series of products around smart braking and steering and integrated wire control chasses. Delivery began late last year and full-scale mass production is expected in the middle of 2023. More than 1m orders have been received to date.
The new capital will go towards the establishment of two new digital production lines to handle these orders and ensure high-quality delivery.
Similar investments in this space include a Series B round of CNY 510m for Kasco, which specialises in air suspension for passenger vehicles. PE and VC investors have also targeted automotive chip developers extensively in the past two years. Most recently, SiEngine Technology, which creates chips for smart cars, raised a CNY 500m extended Series A round.
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