JDO Auto completes new round financing, led by Cowin Capital
JDO Auto has the opportunity to become a leader in the field of car owner service operations.
On February 26, JDO Auto announced the completion of a new round of financing of nearly 100 million yuan.
Investors include Cowin Capital, Hangzhou Xiaoshan Economic and Technological Development Zone Industrial Development Guidance Fund and other institutions.
The proceeds will be mainly used for ramping up service operations, market expansion, product research and development, to further enhance service capabilities, brand awareness and operating income.
JDO Auto is a service operator for Chinese cars owners of top brands and it focuses on factory-installed products, serving mid-to-high-end brands. The company uses software as a platform to maintain its user pool consisted of car owners.
JDO Auto is already a Tier-1 supplier to more than ten mid-to-high-end brands including Audi, BMW, Porsche, Volkswagen, Nissan, and Toyota, with nearly 20 million contracted vehicles, covering all models.
In 2020, JDO Auto has completed mass production for five major international brands including Audi, BMW, Volkswagen, Nissan, and Toyota, and has reached cooperation with more than 100 leading content and service providers in various fields.
Mr. Wee Liang Chua, a partner of Cowin Capital, said that the lead investment in JDO Auto was because of the development momentum and potential of JDO Auto in the field of Internet of Vehicles and user service operations. Under the rapid development of intelligent networked vehicles, JDO Auto has the opportunity to become a leader in the field of car owner service operations.
With the development of the Internet of Vehicles, car companies are transforming from car manufacturers to service providers, and the era of digitalization services for car owners has arrived.
The scale of China’s Internet of Vehicles market will reach a trillion-level scale in 2025, of which the service sector will far exceed the traditional hardware sector. At the same time, the share of luxury and joint venture brands has risen from 58% in 2017 to 65% in 2020.
However, most car makers are restricted by the inherent system of the auto industry chain, lack C-end user operating genes, and each auto company has a limited user scale, making it difficult to aggregate and manage massive resources for a long time.
The data from mass production projects of JDO Auto has preliminarily proved that the car owners and users are willing to pay for its services, and the growth rate is very fast.