On October 11th Avita Technology President Chen Zhuo revealed the company’s latest financing situation at Avita Technology’s key supplier partner communication meeting: it is currently in the process of C round of financing to raise up to 10 billion yuan, and the post-investment valuation will exceed 30 billion yuan.
Avita Technology is a high-end new energy brand created by Changan Automobile Group in conjunction with Ningde Times and Huawei.
Eyeball check data show that Avita Technology completed the angel round, A round and B round of financing in November 2021, August 2022 and August 2023, respectively, and the cumulative total of the three rounds of financing is about 8 billion yuan. Changan Automobile is the largest shareholder of Avita, while Ningde Times is the second largest shareholder.
According to the latest data released by Changan Automobile, the cumulative deliveries of the Avita brand from January to September 2024 amounted to 40,904 units.
Although the current sales scale of Avita is still poor, the company’s operations are in the red, and it still needs to rely on fund-raising blood transfusion to survive.
However, not long ago it announced a high investment.
In August, Avita announced that it would formally invest in Huawei’s subsidiary, Citation Hope (Shenzhen Citation Hope Intelligent Technology Co., Ltd.), accounting for 10% of the shares, with a transaction amount of RMB 11.5 billion, becoming the second largest shareholder of Citation Hope and obtaining a seat on the board of directors and the audit committee. The transaction amounted to RMB 11.5 billion, becoming the second largest shareholder of Citation, and obtaining seats on the board of directors and audit committee.