Editing by Kate Yuan

Chinese EV core component supplier EVTECH Co., Ltd. (富特科技) raised more than RMB100 million ($15.73 million) in its latest funding round led by Xiaomi Yangtze River Industry Fund, according to Winsoul Capital. The money will be mainly used for the R&D of new platforms and the development of overseas markets.

Established in 2011,the Zhejiang-based company focuses on core components of new energy vehicles. It has been working on on-board and off-board power supply, and become a leading supplier of on-board chargers and on-board DC/DC converters for new energy vehicles in China.

According to EVTECH website, Asia and Europe are its main markets. Its customers include world-renowned OEMs such as Renault, Nissan, LG, ICS, GWM, GAC, NIO, and Xpeng.

Itscompleted E-round funding has attracted strategic investors including GAC Capital, NIO Capital, Anji County Industry Investment, Xiaomi Yangtze River Industry Fund.

With an annual output of 1.2 million units, its manufacturing base in Huzhou, Zhejiang Province started mass production in early 2021. The company will continue to expand new business around the charging and discharging application of new energy vehicles in the future.