By Li Panpan

(JW Insights) Sep 1 -- Avatr Technology, the premier smart electric vehicle brand under Chinese carmaker Changan Automobile, announced securing RMB3 billion ($411.5 million) from its latest fundraising, bringing its post-funding valuation to nearly RMB20 billion ($2.7 billion).

The proceeds of the Series B round will be used to accelerate research, development, design, production line inputs, brand development, and channel building, said on August 31 the Chongqing-based carmaker, which is backed by Changan Auto and Huawei Technologies.

The funding brought in three new investors: Chongqing Industrial Investment Fund, Bank of Communication Financial Assets Investment, and Guangzhou Development District Holding Group. Previous investors Changan Auto, China South Industry Assets Management, and Chongqing Liangjiang Equity Investment Fund Management added more funds.

Avatr became the second Chinese EV startup to complete a fundraiser this week after Hozon New Energy Automobile, also known as Neta Auto, said it secured RMB7 billion ($963.58 million) in pre-initial public offering funding on August 29, reported Yicai Global on August 31.

Founded in 2018 and headquartered in Chongqing, southwestern China, Avatr develops vehicles based on the CHN architecture, a smart platform co-developed by Changan Auto, Huawei, and battery giant CATL.

Avatr has only one model on sale, the Avatr 11, with total deliveries exceeding 12,000 units, including 1,786 in July, reported Yicai Global. Its second model, the Avatr 12, is scheduled for a global debut in Munich on September 4.

Tan Benhong, chairman and CEO of Avita Technology, recently said that Avita 12 will be delivered within the year, and two new models, internally codenamed E15 and E16, will be launched in 2024.