Beijing (ZXZC)- On May 19th, LEEKR Technology, China’s chassis-by-wire system solution provider, announced the completion of its Series A and A+ rounds of investment, raising roughly RMB200 million ($29.6 million) in total.

The A-round was co-led by Alibaba Group-affiliated Vision Plus Capital and Sinovation Ventures. Participants of the round include Shanghai FTZ Fund and Unity Ventures. On the other hand, the A+-round was led by Harvest Capital and followed by Leaguer Capital, with investors in the A-round putting in additional investments. 

According to LEEKR Technology, the funds will be put toward the construction of Phase I&II of its intelligent manufacturing base and the R&D of next-generation products. The investments will help ensure the planned mass delivery of its Decoupled Hydraulic Booster and Integrated Hydraulic Brake in 2022. 

Founded in 2021, the young startup is dedicated to the R&D in key areas of new energy vehicles and autonomous driving technologies, providing safe, efficient and intelligent chassis-by-wire system solutions to companies within the industry. 

As one of the few companies in China to develop complete chassis-by-wire platforms, applications, and realize large-scale mass production, LEEKR Technology has been recognized by many domestic main engine plants.

The company’s DHB and IHB products have successfully landed it procurement orders from several major Chinese automakers for nine models, including both new energy and oil-fueled ones. The projects have passed the winter tests in March and will start mass production in mid-2022.