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- BYTON
BYTON Valuation, Funding & Investors
BYTON is not operational anymore. Its last reported valuation was $2.5B as of September 2019.
Last BYTON valuation
$2.5B
Series C · Sep 2019
Last BYTON funding round
$500M
Series C · Sep 2019
Cumulative funding BYTON raised
$1.2B
across 3 funding rounds
Key investors in BYTON
FAW Group
Marubeni
CATL
Tusholdings
Suning.com
Fullshare Holdings
About BYTON
BYTON is a Shanghai-headquartered electric vehicle manufacturer designing premium smart SUVs as connected devices. The company integrates advanced digital cockpits, autonomous driving features, and over-the-air updates.
Founded
2016
HQ
Website
Status
Closed
Customer focus
B2C
Revenue model
Product sales
Valuation
$2.5B (Sep 2019)
BYTON Valuation
BYTON is insolvent and not operational anymore. Read the announcement ↗
BYTON was last valued at $2.5B, based on its Series C in September 2019.
The $500M round was led by FAW Group and Marubeni.
BYTON's valuation grew 3.3x from $750M at its undisclosed-stage round in August 2017 to $2.5B in September 2019, across 3 priced rounds.
BYTON valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jun 2023 | Write-down · Insolvency | $0 |
| Sep 2019 | Series C | $2.5B |
| Jun 2018 | Series B | $1.3B |
| Aug 2017 | Undisclosed stage | $750M |
BYTON Funding History
Before winding down, BYTON has raised a total of $1.2B across 3 funding rounds.
BYTON's first fundraising round was a $200M undisclosed-stage round in August 2017. The most recent completed round was a $500M Series C in September 2019.
BYTON funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2019 | Series C | FAW Group (lead); Marubeni (lead) | $500M | $2.5B | BYTON, a Chinese electric vehicle maker, was in the process of raising a targeted USD 500 million Series C funding round as of November 2019, with investors including China's FAW Group, governmental funds from Nanjing (Jiangsu province), and South Korean auto parts supplier Myoung Shin. Marubeni Corporation, a major Japanese trading company, also joined as an investor and established a strategic partnership with BYTON for ride-hailing services, power and energy solutions, and overseas production and sales of BYTON models. The company showcased its SUV featuring a 48-inch dashboard screen at CES 2020. |
| Jun 2018 | Series B | Tusholdings; CATL; FAW Group | $500M | $1.3B | Byton is a China-based electric vehicle startup founded in 2016 by former Nissan Motor and BMW executives, owned by China Harmony New Energy Auto Holding. The company develops smart, connected electric vehicles featuring advanced technology such as a 49-inch dashboard screen, a tablet integrated in the steering wheel, and autonomous driving capabilities. Byton's first vehicle concept, the M-Byte SUV, was showcased at CES 2018 and was scheduled to begin mass production by the end of 2019, with approximately 100 prototype cars undergoing testing at the time of the Series B round. In June 2018, Byton closed a $500 million Series B funding round led by Contemporary Amperex Technology (CATL), the world's largest battery producer, alongside state-owned automotive manufacturer FAW Group (contributing approximately $250 million), TUS Holdings (the asset management arm of Tsinghua University), and several undisclosed backers. Prior to this Series B, the company had secured $100 million in earlier rounds including $30 million from China Harmony New Energy Auto Holding in 2016 and $200 million from Suning.Com and Fullshare Holdings in August 2017. CATL agreed to supply lithium-ion batteries and power solutions for Byton's vehicles, while FAW partnered with Byton on car production, sales, and research and development, helping the startup overcome regulatory hurdles to manufacture electric vehicles in China. At the time of the Series B round, Byton was pre-revenue and focused on completing its manufacturing facility in Jiangsu Province and preparing for commercial vehicle launch. In early 2019, the company announced plans to raise an additional $500 million in Series C funding, targeting a valuation exceeding $4 billion, though the specific post-money valuation of the June 2018 Series B round was not publicly disclosed. |
| Aug 2017 | Undisclosed stage | Fullshare Holdings (lead); Suning.com (lead) | $200M | $750M | BYTON, founded in 2016 as Future Mobility, is a China-based developer of smart electric vehicles, including the M-Byte sports utility vehicle featuring a 49-inch dashboard screen, steering wheel tablet, gesture controls, driver-assistance systems, and augmented reality mirrors, with plans for sedan and minivan models and series production targeted for late 2019. The company secured $200 million in an August 2017 funding round from retail group Suning.com and diversified holding company Fullshare Holdings, following initial funding of about $100 million across two earlier rounds, including $30 million from China Harmony New Energy Auto Holding in late 2016. This round built on backing from investors like Tencent and Foxconn, though some withdrew due to regulatory cash flow issues. Subsequent to the 2017 round, BYTON closed a $500 million series B in June 2018 led by FAW Group ($260 million), Contemporary Amperex Technology, TUS Holdings, and others, after targeting $300-400 million at a $1.2 billion valuation earlier that year (unconfirmed). In early 2019, BYTON sought a series C round of at least $500 million at over $4 billion valuation to fund M-Byte mass production, R&D, and pre-IPO preparations, having built around 100 prototypes. CEO Carsten Breitfeld indicated one more round before pursuing an IPO. BYTON aimed to launch trial production volumes by April 2019 amid competition in China's electric vehicle sector. |
Who has invested in BYTON?
6 investors have backed BYTON across its funding rounds, including FAW Group, Marubeni, CATL, Tusholdings, Suning.com and Fullshare Holdings.
Lead investors include FAW Group, Marubeni, Fullshare Holdings and Suning.com.
BYTON Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Jun 2018 | ||
| 1 | Participant | Jun 2018 | ||
| 1 | Lead | Aug 2017 | ||
| 1 | Participant | Jun 2018 | ||
This data is available for Pro users. Sign up to see all 6 BYTON investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialBYTON Competitors
BYTON competitors included listed companies like Xos Trucks, Ebusco Holding and Digital Currency X, and private ones like Evoke Motorcycles, Palki Motors Pte. Ltd. and JCC Bowers.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $46M | ($21M) | $35M | 1.0x | ||
| Publicly listed | $86M | ($58M) | $32M | - | ||
| Private | - | - | $4M | - | ||
| Private | - | - | $3M | - | ||
| Publicly listed | - | $71M | $3M | - | ||
| Private | - | - | $2M | - |
BYTON Public Comps
BYTON is defunct now, but its public comps included Canoo, Stardust Power, Hopium, Clean Motion, Sono Group, Tenax International, Triggo and Nilsson Special Vehicles.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $886K | ($283M) | 0.0x | - | 0.0x | - | |||
| - | ($15M) | - | - | (0.2x) | (0.4x) | |||
| $201K | - | 47.0x | - | - | - | |||
| $188K | ($1M) | 5.9x | - | (0.9x) | - | |||
| $168K | - | 20.3x | - | - | - | |||
| $16M | ($598K) | 1.1x | - | (28.5x) | - | |||
This data is available for Pro users. Sign up to see all BYTON competitors and their valuation data. Start Free Trial | ||||||||
Common questions about BYTON
| What happened to BYTON? | BYTON is not operational anymore and insolvent as of 1 June 2023. |
| When was BYTON founded? | BYTON was founded in 2016. |
| Where was BYTON headquartered? | BYTON was headquartered in Nanjing, China. |
| Was BYTON publicly listed? | No, BYTON was a private, VC-backed company. |
| What was BYTON's valuation? | BYTON was last valued at $2.5B in its Series C in September 2019. |
| How much did BYTON raise? | BYTON raised $1.2B across 3 funding rounds. |
| What was BYTON's last funding round? | BYTON's last funding round was a $500M Series C in September 2019, led by FAW Group and Marubeni. |
| Who were BYTON's investors? | BYTON's investors included FAW Group, Tusholdings, Fullshare Holdings, CATL, Marubeni and Suning.com. |
| Who were BYTON's competitors? | BYTON's competitors included Xos Trucks, Ebusco Holding, Evoke Motorcycles, Palki Motors Pte. Ltd., Digital Currency X and JCC Bowers. |
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