Shanghai (ZXZC)- On October 9th, Leadrive Technology ("Leadrive"), a Shanghai-based provider of power electronics and controls for electric vehicles, announced the successful completion of its Series D funding round, which secured over 600 million yuan.

Photo credit: Leadrive

The latest funding round was jointly led by Legend Capital and ORIZA FOFs, with participation from C Capital, Shang Capital, Huatai Baoli Investment Management, Duncheng Investment, and Cai Xiaodong (Founder and President of Alpha Group), among other top-tier investment firms.

The proceeds from the new round will primarily be allocated to support operational cash flow during the business's rapid growth phase, expand production capacity, and advance the R&D efforts in the next-generation power modules, power bricks, and silicon carbide technology, said the company.

Founded in 2017, Leadrive focuses on the R&D and production of power semiconductor modules and electric drive solution platforms. As of now, Leadrive has successfully installed its products in over 30 mainstream vehicle models for both domestic and international leading automobile manufacturers. The company has also established in-depth collaborations with prominent carmakers and Tier 1 suppliers, ensuring a stable and high-quality supply of electronic control systems and power module products for both domestic and overseas markets.

In early September this year, Leadrive announced a strategic investment in its Series C+ funding round, with participation from Volvo Car Technology Fund AB. The collaboration is aimed at deepening their partnership in the application of silicon carbide power modules and electronic control systems.

This marks the second major industry investment Leadrive has received from a globally recognized automotive company, following its partnership with Germany's Schaeffler Group in December 2021.