Avita Technology completed its Series A financing, led by the National Green Development Fund

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VentureBang was informed that recently, Avita Technology announced that it has completed the A round of financing. After this round of capital increase, the overall financing scale of Avita Technology is nearly 5 billion yuan, and the post-investment valuation is nearly 10 billion yuan.

This round of capital increase was led by the National Green Development Fund Co., Ltd., and a number of investment institutions such as China Merchants Jintai, SDIC Juli, Weihao Chuangxin (Consortium) under Weir Co., Ltd., and CITIC New Future are looming. At the same time, the existing shareholders of Avita Technology, Changan Automobile and Nanfang Assets, also made further additional investments.

Avita said that the new round of fundraising will be used for Avita’s future product research and development design and market brand development. At present, Avita’s second new car is progressing in an orderly manner.

Avita is a brand of Changan Automobile, jointly built by Changan Automobile, CATL and Huawei. The Tianyancha APP shows that Changan Automobile and CATL are the first and second largest shareholders of Avita respectively. Huawei does not participate in shares, but has in-depth cooperation with Avita and provides it with a full-stack solution (HI) for smart cars, which has also attracted Avita’s attention since its birth.

In the list of investors in this round, the leading investor, the National Green Development Fund, was jointly established by the Ministry of Finance, the Ministry of Ecology and Environment, and the Shanghai Municipal People’s Government. Capital participation, participating in market-oriented operation in the form of a company system, aims to promote the development of green industries; China Merchants Jintai is a joint-stock company of China Merchants Capital, focusing on investment in forward-looking technology fields such as chip semiconductors.

At the same time as the capital increase, Avita Technology will also sign a long-term strategic cooperation agreement with a number of new capital increase parties in this round on sales network support, chip supply guarantee and visual image perception, intelligent cockpit development, etc., to further deploy industrial chain resources.

After the completion of this round of financing, Changan Automobile and CATL are still the first and second largest shareholders of Avita Technology. In addition, Huawei signed a comprehensive strategic cooperation agreement with Avita in June this year. The two parties stated that they will adhere to the principles of risk sharing and revenue sharing, and reach consensus on the optimal resource investment, Huawei HI trademark authorization and other fields. Based on the new generation of intelligent electric vehicle technology platform CHN, they will work together to create a series of high-end intelligent electric vehicle products and continue to iterate. , and launch 4 new models by 2025.

At the end of last year, Avita released its first model, the electric coupe SUV Avita 11. It is reported that this model and its limited edition Avita 011 will be officially launched on August 8 and will be delivered within the year.

Previously, Avita also stated that the first batch of Avita experience centers will be officially opened in the third quarter, and it is working with Huawei to implement the preparations for entering its store channels. However, at present, Huawei stores still only have AITO models jointly built with Xiaokang Celis.

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