Trugo Tech, A Dark Horse in the Field of Chassis-By-Wire Technologies, Completed a 400-million-yuan Series B Financing

Shanghai Trugo Automotive Technology Co., LTD. has recently announced the completion of a 400-million-yuan Series B financing. The investors of this round include Blue Lake Capital, FAW Equity Investment (一汽股权投资), Fortune Capital (达晨财智), SinoKing Capital (清控金信), FIBONACCI VC (千乘资本), Winreal Investment (容亿投资), UOB Venture Management (大华创投), Guangzhou Development District Industry Fund Investment Group Co., LTD., Changshu Guofa Venture (常熟经开国发), Baolong (保隆科技), Auto Capital (鳌图创业基金).

As the dark horse in chassis-by-wire technologies, Trugo Tech has been leading the field of domestic brake-by-wire systems since 2022, with more than 100% performance growth for three consecutive years. With a mature product heritage and leading technical capability, Trugo Tech has won the favour of more than 50 designated projects from 11 OEMs.

Based on the accumulated experience of industrializing more than 6 million sets of intelligent vehicle by-wire chassis products, Trugo Tech has accomplished the million-level shipment of brake-by-wire products and achieved a milestone of the No. 1 shipment of independent ESCs in China.

The star product EHBI-Onebox electro-hydraulic braking system has been capable of mass production and supply and has been designated by nearly 10 well-known mainstream OEMs for their key projects. Trugo Tech will maintain the excellent industrialization level of the domestic ESC/Onebox markets and lead the development of brake-by-wire technologies.

China has achieved a significant first-mover advantage in the field of new energy vehicles. Besides, the huge automotive industry chain is facing a transformation of intellectualization, involving urgent breakthroughs and upgrades of key subcomponents.

As a result, Trugo Tech has gradually strengthened its independently controllable capability and R&D capability in the supply chain. At the same time, it is collaborating with the upstream supply chain to complete the R&D and industrialization of core components. Trugo Tech is accelerating at an impressive “Chinese speed” under the requirements of reshaping the supply chain to realize the increase of the localization rate of subcomponents, autonomous mastery of core automotive parts and continuous innovation, and continuous upgrading of industrialization capacity to meet the market demand.

In terms of chips, Trugo Tech has started strategic cooperation with many famous automotive customers and gradually realized production. In terms of school-enterprise cooperation, Trugo Tech, SAIC-GM-Wuling, Wuhan University of Technology, and Baolong jointly set up the “Joint laboratory of intelligent chassis-by-wire” to accelerate the realization of the key breakthroughs in chassis-by-wire technologies.

Jingjie Chen, the founder and CEO of Trugo Tech, said, ‘Trugo Tech always insists on steady and continuous cultivation in the field of wire-control chassis. In the face of higher requirements of customers, Trugo Tech would make the superb products of chassis-by-wire. In the face of intense competition in the market, Trugo Tech would push forward the localization of parts and reshape the supply chain, and build the No.1 brand of chassis-by-wire. In the face of changes and opportunities in the automotive industry, it is necessary to deepen the cooperation with the upstream and downstream partners of the industry chain, and undertake the responsibility and mission as a domestic core auto parts supplier. Thanks to the support and trust from the investment partners that work with Trugo Tech to promote technological progress and industrial upgrade of the automotive industry in China. As well as striving for the comprehensive rise of this industry.’

It is reported that Blue Lake Capital led Series A+ financing for Trugo Tech in June 2023 and firmly raised its stake in Series B financing this time.

Contents source from: Trugo Tech