Chinese Smart Car Tech Firm Megatronix Bags USD15.5 Million Led by Transcendence Capital
Chen Shanshan
DATE:  May 17 2021
/ SOURCE:  Yicai
Chinese Smart Car Tech Firm Megatronix Bags USD15.5 Million Led by Transcendence Capital Chinese Smart Car Tech Firm Megatronix Bags USD15.5 Million Led by Transcendence Capital

(Yicai Global) May 17 -- Megatronix Beijing Technology has raised more than CNY100 million (USD15.5 million) in new funding led by US venture capital firm Transcendence Capital, the Chinese intelligent auto software and hardware developer has said in its first fundraising announcement since it was founded three years ago.

Other participants included the Greater Bay Area Homeland Development Fund and existing investors Nanshan Capital, Redpoint China Ventures and Hike Capital. Taihe Capital served as exclusive financial adviser, the Beijing-based firm said on May 15.

Transcendence has great faith in Megatronix’s top team in both internet and automobile technologies, the New York-based lead investor said.

Megatronix excels at developing basic automotive software, which is key for supporting the development of the smart car industry and creating intelligent scenarios for vehicles, Shenzhen-based Nanshan Capital said.

Megatronix has achieved phased financial results over several years of accumulated experience and will continue to invest in many technically challenging research and development projects, said founder Zhuang Li.

Editor: Kim Taylor

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Keywords:   Megatronix (Beijing) Technology,Automobiles