(Yicai Global) July 19 -- Hozon Auto and 360 Security Technology have refuted a recent report that China’s biggest internet security firm has not invested funds in the electric carmaker as promised and is a stakeholder in name only.

360 Security is adhering to the commitment made during Hozon’s CNY3 billion (USD463 million) funding round in April when the antivirus software developer was lead investor, the two parties said at the weekend.

360 Security did not actually invest any funds despite the agreement, online news portal Xqnews said on July 16. The Beijing-based firm is a stakeholder in name only.

360 Security has been making inroads into vehicle data security for a while as cars become smarter. In 2016 it set up the 360 Internet of Vehicles Security Center together with several universities and automakers.

Tongxiang, southeastern Zhejiang province-based Hozon has sold over 35,000 of its two car models since it was established in 2014. Its first-quarter sales increased five-fold to 7,400 units.

Editor: Kim Taylor