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sitechdev.com

Founded Year

2017

Stage

Series B - II | Alive

About SITECH DEV

SITECH DEV is engaged in the research & development and manufacture of new energy vehicles (NEV).

SITECH DEV Headquarter Location

Guiyang, Guizhou,

China

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Expert Collections containing SITECH DEV

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

SITECH DEV is included in 2 Expert Collections, including Unicorns- Billion Dollar Startups.

U

Unicorns- Billion Dollar Startups

1,128 items

A

Auto & Mobility Tech

1,077 items

Companies developing battery electric vehicles (BEVs) and fuel cell vehicles (FCEVs) as well as companies working on improvements to battery design, building out charging infrastructure, and launching EV sharing services to help accelerate adoption.

Latest SITECH DEV News

Sitech Dev Seeks Series B+ Round of funding

Jul 30, 2019

Sitech Dev Seeks Series B+ Round of funding Sitech Dev Seeks Series B+ Round of funding Under pressure of reduced subsidies, Sitech Dev announced a new round of fundraising. Sitech Dev EV. Image credit: Sitech Dev website Associated Company SITECH DEV Chinese electric vehicle (EV) maker Sitech Dev announced an objective of raising a new round of financing nearly two months after it completed Series B round on May 16 this year. Xian Yue (先越), CEO of Sitech Dev, said the fundraising was expected to be completed by the end of 2019 as Sitech was in the final negotiation with investors. The EV maker completed Series A round of funding on May 25 in 2018, raising around "hundreds of millions" US dollars, and CDH Fund (鼎晖投资) took the lead in this round. It further closed Series B round of funding on May 16 this year, with a market capitalization at USD 1.6 billion. Chinese local government fund led this round and unidentified investors participated. Funds raised will be used to increase vehicle diversity and tap into market demand in response to deteriorating financing environment in EV industry. Chinese EV startups confront big problems with financing in 2019 as the government reduced subsidies to EV industry. So far, Sitech Dev pushed out only one model of EV DEV 1. Under such circumstances, promoting vehicle output would actually incur more losses, said Xian Yue. Sitech plans to launch several models that do not rely on subsidies. The EV startup also tends to seek innovation and profitability of business model through providing convoy services to mobility service platforms. Potential investors include local investment funds and private equity firms. The size of funding has not been disclosed yet. Sitech Dev was founded in 2017 also proving v2x (vehicle to everything), autonomous driving and shared travel services.

  • When was SITECH DEV founded?

    SITECH DEV was founded in 2017.

  • Where is SITECH DEV's headquarters?

    SITECH DEV's headquarters is located at Guiyang.

  • What is SITECH DEV's latest funding round?

    SITECH DEV's latest funding round is Series B - II.

  • Who are the investors of SITECH DEV?

    Investors of SITECH DEV include Cue & Co, Hemu Technology, CDH Investments and China Prosperity Capital.

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