Chinese new energy truck maker AnHui DeepWay Technology has secured 750 million yuan ($102.7 million) in a Series B funding round co-led by Chinese venture capital firm Puhua Capital.
Zhongan Capital, which is under state-owned Anhui Provincial Investment Group Holding, also led the funding round, according to a company release on December 26.
The firm has roped in two Hefei city-located state capital investors, alongside state capital-affiliated China Greater Bay Area Technology and Innovation Fund, and other strategic technologies in the Greater Bay Area (GBA).
Existing shareholder China Construction Bank’s CCB Trust also re-upped in the round. The proceeds will help accelerate the R&D and mass production of DeepWay’s electrification and intelligent technology for heavy trucks in Hefei, the capital city of China’s eastern Anhui province.
Post-financing, the firm eyes to expand its presence in Changxing, Zhejiang, one of the electric commercial vehicle components hubs in China, as part of the move to scale its market share.
Founded in July 2020 as a joint venture between Chinese search engine giant Baidu and commercial vehicle logistics company Lionbridge, the Hefei-headquartered firm bagged 770 million yuan ($111.8 million) in a Series A+ financing round led by Shandong Weiqiao Pioneering Group and SB China Venture Capital, in March 2023.
