(Yicai Global) April 27 -- Hozon Auto, a Chinese electric car startup that plans to go public in Shanghai this year, said it expects 360 Security Technology to become its second-biggest shareholder through a CNY3 billion (USD463 million) fundraiser.
The antivirus software developer will lead Hozon Auto’s Series D financing round, which the Zhejiang province-based carmaker announced yesterday. It raised CNY2 billion in a C round last December.
Internet security is becoming an issue as vehicles become smarter and 360 Security is looking to this investment to open up a platform for its products in smart cars, according to analysts.
360 Security, the largest provider of internet and mobile security products in China, according to its website, has been making inroads into vehicle software for a while. In 2016, it set up the 360 Internet of Vehicles Security Center jointly with several universities and auto firm to study car information system security.
Established in 2014, Hozon has sold over 35,000 of its two car models, the Nezha V, which sells for as little as CNY59,900 (USD9,237), and the Nezha U Pro, which costs a minimum of CNY99,800. The firm’s first-quarter sales increased fivefold to more than 7,400.
Editor: Emmi Laine, Xiao Yi