Half a year after raising $500m in a TUS Holdings-backed series B round, the electric car developer is seeking another $500m before it floats.
Byton, a China-based smart car developer backed by Tsinghua University’s asset management arm TUS Holdings, is seeking at least $500m in funding, Reuters reported yesterday.
The company is aiming for a valuation of more than $4bn and is particularly keen on attracting overseas investors, according to people familiar with the matter. Byton confirmed it was raising a series C round but did not reveal any additional information.
Founded in 2016 as Future Mobility, Byton is developing smart, electric vehicles that boast features such as a 49-inch dashboard screen, a tablet integrated in the steering wheel and connected in-car applications.
The company intends to begin series production of its sports utility vehicle, M-Byte, by the end of 2019, having built approximately 100 prototype cars that are currently undergoing a wide range of tests.
The series C funding is expected to support the mass production of M-Byte and research…
Thierry Heles
Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).
