(Yicai) June 4 -- Visu Autotech, a Chinese provider of automotive thermal management solutions, has secured CNY250 million (USD34.8 million) in strategic investment from firms including carmaker Dongfeng Motor Group to advance breakthroughs in electric vehicle technologies.

The financing round was co-led by the state-owned auto giant's equity investment platform and insurance behemoth China Life Insurance’s private investment arm, the Ningbo-based target firm announced today. The investors will provide long-term technical and capital support for Visu, it added.

With this capital, Visu will accelerate the development of its core business in EV thermal management and smart chassis systems while exploring new opportunities including liquid-cooled data centers and low-altitude aircraft, it noted.

China’s booming EV market has fueled a rapid expansion in the production of components used to control the temperature of battery packs and electric motors. The nation’s EV thermal management market is predicted to grow to between CNY144.1 billion and CNY154.6 billion (USD20 billion to USD21.5 billion) by 2028, up from an estimated CNY88.3 billion to CNY94.7 billion (USD12.3 billion to USD13.1 billion) last year, according to a recent report by Yilanzhong Information Consulting.

Founded in 2016, Visu specializes in electronic water pumps, valves, and other thermal components for combustion engine, hybrid, and pure-electric vehicles. Prior to this financing round, Visu had secured investments from automotive giants SAIC Motor and Toyota Motor, according to the private company.

Editor: Emmi Laine