Beijing (ZXZC)- AVATR Technology, the auto startup backed by Changan Automobile, CATL, and Huawei, announced the completion of its Series A financing round on August 2nd.

Photo credit: AVATR

The round was led by China’s National Green Development Fund and participated by many institutional investors such as China Merchants Jintai Capital and CITIC New Future Investment. AVATR’s existing shareholders Changan Automobile and China Southern Capital also increased their investment in the auto startup. 

Upon completion of the A round, Changan Automobile and CATL will remain the respective first and second largest shareholders of AVATR. 

Along with the capital increase, AVATR Technology will also sign agreements with the newly joined investors for long-term strategic cooperation in sales network support, automotive chip supply, visual image perception, intelligent cockpit development, etc., further strengthening the company’s resource advantages across the industrial chain.

After the completion of the A round capital increase, AVATR Technology has raised nearly RMB5 billion ($740.72 million) in entirety with a post-investment valuation closing in on RMB10 billion ($1.48 billion).

Currently, AVATR is carrying out the works for its second production model. Meanwhile, its first model, the AVATR 11, will officially hit the market on August 8th.