Shanghai (ZXZC)- Shanghai NASN Automotive Electronics Co. Ltd. (NASN), the Chinese drive-by-wire supplier, recently announced it has raised 500 million yuan ($78.465 million) in the Series C funding, which was led by the investors like CATL, BOCGI, CMG-SDIC Capital, and GL Ventures.

NASN's NBooster; photo credit: NASN

Founded in 2016, NASN focuses on the R&D, production, and sales of the core technologies related to drive-by-wire chassis for smart and new energy vehicles. Its product lineup encompasses NBooster intelligent braking system, ESC (electronic stability control system), EPS (electric power steering system), and the drive-by-wire chassis solutions for Level 3/4 autonomous driving.

According to Tao Zhe, founder and CEO of NASN, the company has formed partnerships with a slew of automakers and autonomous driving developers, including BAIC BJEV, BYD, Changan Auto, Great Wall Motor, and Baidu. It has a “solid order backlog” and is moving faster on expanding production capacity.

Upon completion of the C round financing, NASN will continue boosting the R&D and industrialization of new drive-by-wire chassis products, and improving the ability to serve clients and deliver goods, in a bid to realize an explosive growth in mass-produced products.

“The strategic partnership with NASN plays an important role in CATL's coordination of upstream and downstream industrial chains. CATL is watching closely to NASN's leading technical advantages in drive-by-wire chassis industry and robust growth potential, and expects both parties to advance the development of new energy industry,” said Yang Hanbin, general manager of CATL (Shanghai) Intelligent Technology Co.,Ltd., a wholly-owned subsidiary of CATL.