(Yicai Global) Dec. 22 -- Nasn Automotive Electronics, a Chinese x-by-wire supplier, has raised CNY500 million (USD78.5 million) in its latest funding round.

Bank of China Group Investment, Hillouse Capital Group, Contemporary Amperex Technology, and State Development and Investment Group took part in the Series C fundraiser, the Shanghai-based company announced today. The proceeds will go on new product development, industrialization, and improving customer services, it added.

Founded in 2016, Nasn focuses on autonomous driving and research and development of chassis for new energy vehicle. Its products include the NBooster smart braking system as well as systems for electronic stability control, interconnected smart braking, electronic power steering, and Level 3 and Level 4 wired chassis self-driving solutions.

Nasn is working with BAIC BluePark New Energy Technology, BYD, China Chang'an Automobile Group, Great Wall Motor and Baidu on over 30 projects, founder Tao Zhe said, adding that the company is accelerating expansion at its production base amid increasing orders.

X-by-wire, also known as by-wire, is often discussed in the context of replacing vehicle controls such as steering and braking as a result of the shift from mechanical and hydraulic systems to electronically-controlled systems. It is becoming more widely used as the mass production of L3 self-driving vehicles speeds up, and is as important as sensor systems like radar and cameras and decision-making systems like central processing units in a self-driving vehicle.

Editor: Futura Costaglione