Venture Houston 2018
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13 September 2018

Banma gets $2.3bn in the can

Alibaba and SAIC Motor's smart car joint venture has closed its first funding round with the support of SAIC’s investment management arm, Shangqi Capital.

Author: Thierry Heles, Reporter

China-based smart car developer Banma Network Technologies has closed a RMB16bn ($2.34bn) funding round backed by Shangqi Capital, the investment management arm of car manufacturer SAIC Motor, 36Kr reported today.