Magnesium Technology Announces Completion of Financing of Over US$100 Million

In May 2021, Mega Technology, a company that provides intelligent automotive software and hardware infrastructure, announced the completion of over US$100 million in financing. This round of financing was led by Transcendence Capital, with participation from the Greater Bay Area Common Homeland Development Fund and old shareholders including Nanshan Capital, Redpoint China, and Shanxing Capital. In 2020, Mega Technology and a number of domestic and foreign vehicle groups reached a total of nearly RMB 1 billion in mass production parts R&D and supply contracts, fully verifying that based on the SmartMega® OS+ series of in-vehicle operating systems and SmartMega® Core software and cloud service components, it is possible to efficiently develop high-quality and highly intelligent digital cockpits, domain controllers, T-Box and other components, as well as powerful Internet of Vehicles cloud services.