Shanghai (Gasgoo)- On January 22, 2024, Bebest (Shanghai) Automotive Electronics Co., Ltd. ("BIBO") officially announced the completion of its A+ round of financing, which was jointly led by Meridian Capital and Orinno Capital, with additional investments from Fengfan Ventures ("Fengfan" is Chinese Pinyin), Shanghai Science and Technology Venture Capital (Group) Co., Ltd., Baolong Automotive, and existing shareholder Sequoia Capital China.
The latest A+ round funding raised over 200 million yuan for BIBO, adding to the company's cumulative financing of over 400 million yuan in the A round throughout 2023. This funding will primarily be utilized to expand the scale of mass production for the full-stack brake-by-wire products, as well as the R&D, and mass production of intelligent suspension and steering products. The objective is to achieve multi-dimensional product delivery for chassis-by-wire products and establish a cross-domain integrated control technology layout for chassis.
BIBO stands as China's leading supplier of intelligent chassis solutions, operating two major R&D centers in Shanghai Hongqiao and Beijing Fengtai, along with a production base in Nantong city, Jiangsu province. The company has developed a comprehensive product matrix, including intelligent braking, steering, suspension controllers, and domain controllers, dedicated to providing core components and system solutions for intelligent chassis to the global automotive market.
In 2023, BIBO's Nantong manufacturing center started operation, with such products as integrated brake-by-wire system (BIBC), electro-hydraulic brake-by-wire system (BEBS), electronic body stability control systems (BESC), and anti-lock braking systems (BABS) all in mass production. The annual production capacity of BIBO's full-stack intelligent braking products reached 2 million sets. Its second-generation integrated brake-by-wire system (BIBC 2.0), supporting dual-control EPB (electronic parking brake) and brake redundant module (BRBM), is expected to go into mass production in mid-2024.
BIBO said it has successfully made the comprehensive layout for core components of intelligent chassis. The electric redundant steering system (BEPS) and intelligent suspension air supply system (BAS) are set to enter mass production in 2024. For the next-generation hardware and software separated cross-domain chassis system, electronic-mechanical braking system (BEMB), steer-by-wire system (BSBW), and chassis domain control unit (BCDU) are already in the testing phase. BIBO aims to provide highly competitive full-stack chassis-by-wire solutions to customers by 2025.
In addition, BIBO revealed that it achieved delivery of over 100,000 sets of brake-by-wire products last year, with core products like the BIBC, BEBS, and BESC adopted by nearly 30 car models from more than 10 major automakers worldwide.
