Shanghai (ZXZC)- Chinese air suspension supplier KH Automotive Technologies (Zhejiang) Co., Ltd. ("KASCO") on Nov. 14 announced via its WeChat account that it has closed the Series B equity financing, which raised for the company a total of 510 million yuan ($72.38 million).

The fresh round was co-led by Source Code Capital, Shenzhen Capital Group Co., Ltd. ("SCGC"), etc., and also attracted such investors as Yonghua Capital, Shanshan Venture Capital, and Dening Capital.

Photo credit: KASCO

KASCO is the first company in China to supply factory-installed air suspension systems to passenger vehicle (PV) manufacturers. In June 2021, it started providing Dongfeng Motor's premium new energy vehicle (NEV) brand VOYAH with the air suspension system designed for the latter's FREE SUV, which is the world's first production PV model to carry the air suspension from a Chinese supplier.

KASCO is currently the exclusive supplier of air suspension system or assembly to three models, namely, the Li L9, the VOYAH Free, and the VOYAH Dreamer. It had supplied up to 60,000 sets of air suspension products cumulatively by mid-Nov. 2022. Another seven models will be installed with KASCO's air suspension next year.

Prior to the newly closed B round, KASCO completed its Pre-A round led by Legend Star in Feb. 2021, and the Series A round exclusively backed by Xiaomi Group's affiliated industrial investment fund in Sept. last year.