(Yicai Global) Sep. 11 -- Some of China's biggest names from the world of tech and new energy vehicles are ready to participate in the upcoming financing round for the Internet of Vehicles unit of NavInfo, the firm behind one of the country's most popular mobile mapping apps.
The company's second-largest backer Tencent Holdings and upcoming domestic NEV maker Nio will participate in Mapbar Technology's A-round funding, the Beijing-based unit said in a statement.
As part of the financing, Tencent subsidiary Image Cyber Investment will provide CNY200 million for a 7.5 percent stake, while Nio's investment arm will offer CNY100 million for A-series stocks equivalent to a 1.8 percent share.
MapBar provides mobile navigation services based on IoV technology It offers digital maps, navigation data products including navigation software and engines for car users.
Two other institutional investors will provide CNY200 million and USD25 million respectively, the announcement added without providing their identities.
The unit's board of investors will increase to seven seats after the round. Mapbar will use the funding to maintain independence and flexibility in decision-making on strategies and operations.
Editor: William Clegg