Top 10 Automotive Funding and Investment Deals of 2020

Automotive

Automotive

Automotive funding deals are showing great highs as companies raise funds to accelerate their R&D

The automotive industry is currently undergoing a rapid transformation with the adoption of new technologies in operations at an unprecedented scale. Technologies such as artificial intelligence, IoT, blockchain and big data and analytics have already found a multitude of applications in automotive. When it comes to funding deals, the industry has faced severe decay due to the COVID-19 impact. Despite this, many automotive players managed to attract investors’ interest, raising whopping amounts in different funding rounds.

Here’s a look at the top 10 automotive funding and investment deals of 2020. 

 

Pony.ai

Amount Raised: US$462 Million

Transaction Type: Series B

Key Investor(s): Toyota Motor Corporation

Pony.ai is a startup that builds full-stack autonomous driving solutions. In February, the company raised a mammoth amount of US$462 million in a Series B funding round from Toyota. As Pony.ai joined hands with Toyota in 2019, the new investment will expand the partnership’s scope of collaboration. Both companies will look beyond autonomous driving technology to explore further possibilities for mobility services.

 

Arrival

Amount Raised: US$400 Million

Transaction Type: Private Equity Round

Key Investor(s): Fidelity Management & Research Company and others

Developer and manufacturer of zero-emission, public transportation vehicles Arrival in November secured US$400 million in a private equity round. The company received the fund from investors Fidelity Management & Research Company, Wellington Management, BNP Paribas Asset Management Energy Transition Fund and funds managed by BlackRock. Arrival develops software, materials, components, and scalable skateboard platforms and its micro-factories allow them to make vehicles and adapt to any mobility ecosystem.

 

ECARX

Amount Raised: CN¥1.3 Billion (US$193.9 Million)

Transaction Type: Series A

Key Investor(s): Baidu

ECARX, an intelligent traffic assistant for cars, in October bagged US$193.9 million in a Series A financing round from Baidu with Hainer Asia Ventures. The fund will enable ECARX to strengthen its presence in automotive chips, invest in R&D of high-precision maps and autonomous driving technology, and set up an R&D center in Europe.

 

Applied Intuition

Amount Raised: US$125 Million

Transaction Type: Series C

Key Investor(s): Andreessen Horowitz, General Catalyst, Lux Capital

Applied Intuition is a California, United States-based company that provides the software infrastructure to safely develop, test, and deploy autonomous vehicles at scale. In October, the company raised US$125 million in a Series C round. The round was led by existing investors Lux Capital, Andreessen Horowitz and General Catalyst. Applied Intuition’s suite of products, focused on simulation and analytics, delivers sophisticated infrastructure built for scale.

 

Envisics

Amount Raised: US$50 Million 

Transaction Type: Series B

Key Investor(s): Hyundai Mobis

Developer of a dynamic holography platform for cars, Envisics in October secured US$50 million in a Series B funding round for its AR technology. The round was led by Hyundai Mobis, General Motors’ GM Ventures, SAIC Capital, the venture arm of SAIC Motors, and Van Tuyl Companies (VTC).

 

Uhnder

Amount Raised: US$45 Million 

Transaction Type: Series C

Key Investor(s): Sensata Technologies

Uhnder, a developer of a digital automotive radar-on-chip designed to automate systems for safety and better feedback response, recently raised US$45 million in a Series C financing round. The round was led by Sensata Technologies, with participation from new and existing investors. The fresh capital will enable the company’s growth next year while its chip is fully in production. Uhnder also plans to expand into other industries that are looking for better perception, such as the delivery and logistics space.

 

Gatik

Amount Raised: US$25 Million 

Transaction Type: Series A

Key Investor(s): Innovation Endeavors and Wittington Ventures

Gatik, a startup developing technology for deploying autonomous vehicles for short-haul logistics, in November secured US$25 million in a Series A funding round. The round was co-led by Wittington Ventures and Innovation Endeavors with participation from FM Capital and Intact Ventures, and existing investors like Dynamo Ventures, Fontinalis Partners, AngelPad and others. Gatik will use the funds to further expand its operations across North America, its team size in Silicon Valley and its growing presence in Canada.

 

Getaround

Amount Raised: US$25 Million

Transaction Type: Venture Funding

Key Investor(s): Horizon Technology Finance

Peer-to-peer car-sharing platform Getaround in November raised US$25 million in a venture round from Horizon Technology. The company allows users to instantly rent and drive great cars shared by people in their city. Reportedly, Getaround plans to use this fund for general working capital purposes.

 

Modal

Amount Raised: US$15 Million

Transaction Type: Series A

Key Investor(s): American Honda Finance Corporation

Provider of digital commerce for auto dealers and brands Modal in December bagged US$15 million in a Series A funding round. Led by American Honda, the fund will enable Modal to continue its development of online buying experiences that fit inside a dealer’s web pages. With this new fund, the company also intends to triple its product engineering team to meet the demand for new technologies and ownership experiences, including finance, insurance, contract and service.

 

actnano

Amount Raised: US$12 Million

Transaction Type: Series A

Key Investor(s): Emerald Technology Ventures

actnano is a nanotechnology company that specializes in automotive, consumer electronics, and smart coating solutions that make products water-resistant. Founded in 2012, the company in October received US$12 million in a Series A round from Emerald Technology Ventures, Henkel Tech Ventures, PTT Global Chemical, and others. With this fresh capital, actnano plans to expand sales of its waterproof polymer coating for printed circuit boards.

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