Bosch backs China’s AutoCore.ai
Bosch Ventures and Boyuan Capital - both investment units of Germany-headquartered engineering and technology giant Bosch Group - have joined a Series A extension for Chinese automotive systems software supplier AutoCore.ai.
GL Ventures also took part in the round, having led a CNY 100m (USD 14.3m) pre-Series A round for the company with Foxconn Technology Group in March 2021.
The pre-Series A was followed by an extended round later the same year. It was led by Foxconn, Hillhouse Capital and IDG Capital, with participation from Green Pine Capital Partners, CMBC International Holdings, and GAC Capital, according to AVCJ Research. GL Ventures is Hillhouse's VC arm.
Founded in 2018, AutoCore focuses on automotive middleware, considered essential for intelligent vehicle development. It has created a complete and unified in-vehicle data platform for original equipment manufacturers (OEMs) that supports real-time data communication and transmission across all vehicle domains.
The company claims to be the first middleware provider globally to have its full-stack software products certified to ISO 26262 – the highest functional security standard adopted by leading OEMs. It has also partnered with several mainstream chip suppliers.
AutoCore will collaborate with Bosch on new technologies and products that address the rapidly changing needs of the global automotive industry. The company will also have access to Bosch's broader network covering software-defined vehicles.
"We believe that AutoCore.ai will represent China's outstanding innovative enterprises and become a sought-after specialist in the international automotive supply chain," said Ingo Ramesohl, a managing director at Bosch Ventures, in a statement.
Bosch has made direct investments in several China-based start-ups across the automotive supply chain. They include LiDAR specialist Hesai Technology and autonomous driving solutions provider WeRide. Hesai went public in the US earlier this year.
Bosch Ventures - or Robert Bosch Venture Capital - established Boyuan in 2021 and supported a first close on the firm's debut renminbi-denominated fund the same year. Boyuan targets deep technology, specifically automotive and mobility services, smart manufacturing, the internet of things, artificial intelligence, semiconductors, and carbon neutrality.
Past investments include chip developer SiEngine Technology.
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