Banma Network Technologies Revenue, Valuation, Funding & Investors

Banma Network Technologies is valued at $1B as of September 2018, a 8.0x multiple on its last reported $125M revenue.

Last Banma Network Technologies valuation

$1B

Series A · Sep 2018

Last Banma Network Technologies funding round

$463M

Strategic investment · Jul 2021

Banma Network Technologies revenue

$125M

Series A · Sep 2018

Key investors in Banma Network Technologies

Banma Network Technologies Overview

About Banma Network Technologies

Banma Network Technologies is a Hangzhou-based Alibaba affiliate developing connected car ecosystems powered by AliOS operating system. The company equips vehicles with in-car infotainment, voice assistants, navigation, and over-the-air updates, partnering with automakers like SAIC and Roewe for mass-market sedans and SUVs. In 2019, Banma opened its SDK to third-party developers worldwide.


Founded

2015

HQ

ChinaShanghai

Website

ebanma.com

Status

Privately held

Customer focus

B2B

Revenue model

Licensing

Revenue

$125M (Sep 2018)

Valuation

$1B (Sep 2018)

Banma Network Technologies Valuation

Banma Network Technologies is currently valued at $1B, based on its Series A in September 2018.

The $233M round was led by SDIC Fund Management, with participation from YF Capital and SAIC Venture Capital.

Banma Network Technologies valuation by funding round

Banma Network Technologies valuation by funding round
DateStageValuationRevenue Multiple
Sep 2018Series A$1B8.0x

Banma Network Technologies Revenue

Banma Network Technologies' latest recorded revenue is $125M, as of its Series A in September 2018. At a $1B valuation, that implies a 8.0x revenue multiple.

Banma Network Technologies revenue by funding round

Banma Network Technologies revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Sep 2018$125M$1B8.0xSeries A

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Banma Network Technologies Funding History

Banma Network Technologies has raised a total of $696M across 2 funding rounds.

Banma Network Technologies' first fundraising round was a $233M Series A in September 2018. The most recent completed round was a $463M strategic investment round in July 2021.

Banma Network Technologies funding rounds

Banma Network Technologies funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2021Strategic investmentYF Capital; CMG-SDIC Capital Management; SAIC Motor; Alibaba Group$463M-Banma Network Technologies (also referred to as Zebra Network Technologies in some sources) is an intelligent automobile operating system and solution provider, founded in 2015, with tight integration of software and hardware ecosystems, partnering with entities like Alibaba Group, SAIC Motor, and others on smart cockpits and autonomous driving platforms. The company raised $463M in its latest reported Series B round approximately 4 years ago (around 2022 context, aligning with 2021 query), part of total funding of $696.76M, with investors including Alibaba, Yunfeng Capital (YF Capital), SDIC Innovation Investment Management (related to CMG-SDIC), SAIC Motor, and Shang Qi Capital. It achieved unicorn status with a valuation over $1 billion at some prior point. Banma focuses on full-stack end-to-end AI solutions, vehicle-based services marketplace, and in-vehicle operating systems, recognized as #1 in vehicle-based services marketplace by revenue and one of few third-party suppliers with fully in-house developed systems, holding OEM partnerships. Recent traction includes annual installations growing from 2.1 million units in 2023 to 2.5 million in 2025, OEM customers from 30 to 43, and recurring revenue reaching RMB447.8 million in 2025 (over half of total revenue), with revenue CAGRs of 117.1% for AI solutions and 19.2% for services marketplace from 2023-2025. Partnerships expanded to 22 CSPs for revenue-sharing by 2025. The company plans a Hong Kong IPO, with Alibaba retaining 30% post-IPO (from current 44.72%). As of September 2020, a related entity held ~38% effective equity in Banma.
Sep 2018Series ASDIC Fund Management (lead); YF Capital; SAIC Venture Capital$233M$1BBanma Network Technologies, also known as Banma or Zebra Network Technologies, is a joint venture between Alibaba Group and SAIC Motor established in 2015, specializing in internet-based car solutions, smart cockpit software, and AI-driven systems that enable smartphone-like services in vehicles such as navigation and entertainment. The company positions itself as a leader in China's connected vehicle sector, leveraging Alibaba's AliOS (rebranded YunOS) and focusing on integration of automotive and internet technologies. On September 13, 2018, Banma completed its first external financing round, raising approximately 1.6 billion yuan ($233-237 million) in a Series A led by SDIC Fund Management, with participation from SAIC Venture Capital (Shang Qi Capital) and Yunfeng Capital (YF Capital, co-founded by Jack Ma). Funds were allocated to hiring talent, R&D in cutting-edge technologies, business expansion, and upgrading offerings. The company had prior corporate minority investments from SAIC and Alibaba in 2015. Subsequent rounds included a Corporate Minority - III in November 2020 and a $463M Series B in July 2021, with later valuations reaching around $2 billion.

Who has invested in Banma Network Technologies?

6 investors have backed Banma Network Technologies across its funding rounds, including YF Capital, Alibaba Group, SDIC Fund Management, SAIC Motor, SAIC Venture Capital and CMG-SDIC Capital Management.

Lead investors include SDIC Fund Management.


Banma Network Technologies Investors

Investors in Banma Network Technologies by funding rounds participated
InvestorHQRoundsRoleFirst check
YF CapitalChinaShanghai2ParticipantSep 2018
SDIC Fund ManagementChinaBeijing1LeadSep 2018
SAIC Venture CapitalUnited StatesLas Vegas, NV1ParticipantSep 2018
CMG-SDIC Capital ManagementChinaBeijing1ParticipantJul 2021

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Banma Network Technologies Competitors

Banma Network Technologies competitors include listed companies like Hesai Technology and Mobileye, and private ones like Tier IV, Qianxun Spatial Intelligence, Kuandeng and Point One Navigation.

Public and private companies comparable to Banma Network Technologies
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Tier IVJapanTokyoPrivate--$626M-
Qianxun Spatial IntelligenceChinaShanghaiPrivate--$1.8B-
KuandengChinaBeijingPrivate--$402M-
Hesai TechnologyChinaChinaPublicly listed$451M$71M$2.7B3.1x
Point One NavigationUnited StatesSan Francisco, CAPrivate--$230M-
MobileyeIsraelIsraelPublicly listed$1.9B$140M$6.8B2.7x

Banma Network Technologies Public Comps

Banma Network Technologies is still privately-owned, but its public comps include Extreme Vision, Keytop Parking, Ituran Location & Control, Robosense, Aeva, Red Cat Holdings, Droneshield, Queclink, Kodiak AI and Elsight.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Extreme Vision$44M($6M)22.8x11.6x(163.7x)-
Keytop Parking$124M$29M7.5x-32.3x-
Ituran Location & Control$359M$93M2.6x2.4x10.2x8.8x
Robosense$289M($19M)2.1x1.6x(31.9x)(52.9x)
Aeva$18M($139M)54.7x35.6x(7.1x)(8.7x)
Red Cat Holdings$41M($72M)19.0x6.6x(10.7x)(8.8x)
Droneshield$154M$3M6.7x5.8x321.0x(254.5x)
Queclink$133M$12M4.8x4.2x51.7x29.5x

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Common questions about Banma Network Technologies

When was Banma Network Technologies founded?Banma Network Technologies was founded in 2015.
Where is Banma Network Technologies headquartered?Banma Network Technologies is headquartered in Shanghai, China.
Is Banma Network Technologies publicly listed?No, Banma Network Technologies is a private, VC-backed company.
What is Banma Network Technologies' valuation?Banma Network Technologies was last valued at $1B in its Series A in September 2018.
How much funding has Banma Network Technologies raised?Banma Network Technologies has raised $696M across 2 funding rounds.
What was Banma Network Technologies' last funding round?Banma Network Technologies' last funding round was a $463M strategic investment round in July 2021.
Who are Banma Network Technologies' investors?Banma Network Technologies' investors include YF Capital, SDIC Fund Management, SAIC Venture Capital, CMG-SDIC Capital Management, SAIC Motor and Alibaba Group.
What is Banma Network Technologies' revenue?Banma Network Technologies' latest recorded revenue is $125M (September 2018).
What is Banma Network Technologies' revenue multiple?Banma Network Technologies' latest valuation implies a 8.0x revenue multiple ($1B valuation on $125M of revenue).
Which companies are comparable to Banma Network Technologies?Companies comparable to Banma Network Technologies include Tier IV, Qianxun Spatial Intelligence, Kuandeng, Hesai Technology, Point One Navigation and Mobileye.

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