Automotive industry-focused software firm NeuSAR bags $101m led by CMG-SDIC

Photo: Reuters

NeuSAR, a unit of the Chinese software major Neusoft Corporation, announced on Monday that it has closed its maiden round of financing, raising 650 million yuan ($101 million).

State-backed CMG-SDIC Capital led the round with participation from automotive industry-focused Virtue Capital.

CMG-SDIC Capital picked up a 9.3% stake in NeuSAR for an investment of 600 million yuan ($93 million), while Virtue Capital infused 50 million yuan ($7.8 million) for a 0.78% equity interest.

Armed with the proceeds, NeuSAR will continue to develop software for the auto industry including self-driving technology, besides production innovations, and market extension, it said.

Following the funding round, NeuSAR’s financial reports will be maintained independently of its parent company. 

NeuSAR was established by Neusoft in 2015 to expand into the automotive software industry. With its headquarters in Shanghai, the unit serves the industry based on a matrix of new generation software and solutions including general software, driving assistance systems, power transmission systems, and thermal management systems.

“Automative software will increasingly benefit automobile intelligence. In particular, the fundamental software products that connect hardware platforms and functional software, are critical for the safety of automative operation systems,” said CMG-SDIC Capital in a statement.

CMG-SDIC Capital, with over 100 billion yuan ($15.5 billion) in assets under management, has made big bets on the smart vehicle sector. Some of its portfolio companies include computer vision solutions developer ArcSoft, intelligent automobile solutions platform Banma, Horizon Robotics, AI chips developer JoyNext, and carmaker BYD’s spinoff BYD Semiconductor, among others.

Two months ago, CMG-SDIC Capital had teamed up with a slew of investors including Eight Roads, JD Logistics, IDG Capital, and South Korea’s Mirae Assets, collectively infusing $270 million in the autonomous trucks startup Inceptio Technology’s Series B round. 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.