(Yicai) Dec. 19 -- Abup Technology, a Chinese supplier of automotive over-the-air technology services, has secured nearly CNY100 million (USD14 million) from Chinese venture capital firm Qiming Venture Partners.

The proceeds of the fundraiser will be used to expand overseas and enlarge production lines, the Shanghai-based company announced yesterday.

Abup completed several financing rounds this year. It received investments from Shang Qi Capital and Shandong Hi-Speed Investment Holding in April and from Joint Capital in August. Meanwhile, Abup’s shareholder Guoke New Energy Venture Capital continued to increase its capital by over CNY100 million.

With the popularization of electric vehicles and automotive intelligence, OTA has become one of the core technologies of smart cars, said Ye Guantai, a partner at Qiming. The penetration rate of automotive OTA reached 49 percent last year and is expected to rise to 78 percent in 2025, Ye added, noting that as a leader in China’s OTA industry, Abup has served over 40 vehicle manufacturers and 100 car models.

Established in 2017, Abup has the earliest and largest OTA technology research and development service team in China, with its main products covering OTA-based automotive firmware and software, intelligent vehicle diagnostic, and internet of things, the firm noted in yesterday’s statement.

Editor: Futura Costaglione