FreeTech Funding, Investors & Competitors

FreeTech has raised $204M across 3 funding rounds, most recently a $100M Series B in November 2022.

Last FreeTech funding round

$100M

Series B · Nov 2022

Cumulative funding FreeTech raised

$204M

across 3 funding rounds

Key investors in FreeTech

  • GSR United Capital
  • China Internet Investment Fund
  • Hengxu Capital
  • BAIC Capital
  • Pegasus Group
  • SAIC
  • Chaos Investment
  • Hua Ventures

FreeTech Overview

About FreeTech

FreeTech is a Hangzhou-based developer of advanced driver assistance systems holding core patents in intelligent driving technology. Founded in 2016, the company delivers ADAS products including cameras, radars, and computing units for passenger vehicles and commercial fleets. FreeTech maintains international technical leadership through deployments in China and partnerships with automotive OEMs.


Founded

2016

HQ

ChinaHangzhou

Status

Privately held

Customer focus

B2B

Revenue model

Product sales, Subscription

FreeTech Funding History

FreeTech has raised a total of $204M across 3 funding rounds.

FreeTech's first fundraising round was a $4M seed round in November 2016. The most recent completed round was a $100M Series B in November 2022.

FreeTech funding rounds

FreeTech funding rounds
DateStageInvestorsRaisedDeal Summary
Nov 2022Series BChaos Investment (lead); Sun Life Everbright Life Insurance; Guopeng Capital; BAIC Capital; Hengxu Capital; TCL Industry Holding Corp.; Shaanxi Automobile; SAIC; Aspen Capital; Tongxiang Chemical Corp.$100MFreetech (Chinese: 福瑞泰克), founded in 2016 and based in Hangzhou, China, is an innovative high-tech enterprise specializing in ADAS (Advanced Driver Assistance Systems) solutions with core intellectual property and international technical leadership in intelligent driving. On November 28, 2022, the company completed its B round of financing worth nearly USD 100 million, led by Chaos Investment (Chinese: 混沌投资), with participation from investors including Aspen Capital, BAIC Capital, Guopeng Capital, Hengxu Capital, SAIC, Shaanxi Automobile, Sun Life Everbright Life Insurance, TCL Industry Holding Corp., and Tongxiang Chemical Corp. The funds are designated for product R&D, supply chain optimization, and promoting the commercialization of autonomous driving. This round positions Freetech as a key player in China's mobility sector, focusing on ADAS technologies amid growing demand for intelligent driving solutions. The company's emphasis on core IP underscores its competitive edge in the ADAS market. Freetech's B round aligns with broader trends in Chinese mobility investments during late 2022, as seen with contemporaries like HoloMatic securing C2 funding from GAC Capital, Chaos Investment, and others in the same period.
Jul 2021Series AChina Internet Investment Fund (lead); Dongfeng Motor Group Co; Hua Ventures; Hunan Yuna Private Equity Fund Management$100MFreetech is a Chinese autonomous driving solution developer that supplies intelligent driving systems to major automakers. The company's technology encompasses vehicle perception and control through cameras, radar, and sensors, enabling L2 autopilot and L3/L4 autonomous driving capabilities across diverse application scenarios. By June 2024, Freetech had secured mass-production contracts from 46 automakers across more than 200 projects. In the Series A funding round completed on July 5, 2021, Freetech raised more than USD 100 million from investors including China Internet Investment Fund, Huiyou Capital, and Dongfeng Bank of Communications, with the capital allocated primarily to scaling production of its autonomous driving solutions. At the time of the Series A round, founder Zhang Lin stated that Freetech generated annual revenue of RMB 150 million (USD 23.2 million) in 2020 and expected a three-fold increase in 2021. The company was also pursuing advanced autonomous driving agreements, including an L3 technology supply contract with an unnamed automaker for 2022 vehicle releases, and operating two L4 autonomous minibuses on a trial basis in Hangzhou.
Nov 2016SeedGSR United Capital; Pegasus Group; China Industrial Asset Management$4M-

Who has invested in FreeTech?

17 investors have backed FreeTech across its funding rounds, including GSR United Capital, China Internet Investment Fund, Hengxu Capital, BAIC Capital, Pegasus Group and SAIC.

Lead investors include Chaos Investment and China Internet Investment Fund.


FreeTech Investors

Investors in FreeTech by funding rounds participated
InvestorHQRoundsRoleFirst check
Sun Life Everbright Life InsuranceChinaTianjin1ParticipantNov 2022
Guopeng CapitalChinaChina1ParticipantNov 2022
BAIC CapitalChinaBeijing1ParticipantNov 2022
Hengxu CapitalChinaShanghai1ParticipantNov 2022
GSR United CapitalChinaBeijing1ParticipantNov 2016
TCL Industry Holding Corp.ChinaHuizhou1ParticipantNov 2022
Pegasus GroupChinaChangshan1ParticipantNov 2016
Shaanxi AutomobileChinaXi'an1ParticipantNov 2022
SAICUnited StatesReston, VA1ParticipantNov 2022
Dongfeng Motor Group CoChinaWuhan1ParticipantJul 2021
Aspen CapitalUnited StatesPortland, OR1ParticipantNov 2022
Tongxiang Chemical Corp.ChinaJiaxing1ParticipantNov 2022
China Industrial Asset ManagementChinaShanghai1ParticipantNov 2016

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FreeTech Competitors

FreeTech competitors include listed companies like WeRide and Aeva, and private ones like Applied Intuition, Hong Jing Drive, Soterea and Luminar.

Public and private companies comparable to FreeTech
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Applied IntuitionUnited StatesSan Francisco, CAPrivate$415M-$15B36.1x
Hong Jing DriveChinaHangzhouPrivate--$4.3B-
WeRideChinaChinaPublicly listed$102M($257M)$1.9B8.3x
SotereaChinaTianjinPrivate--$1.4B-
AevaUnited StatesUnited StatesPublicly listed$18M($139M)$1.1B35.6x
LuminarUnited StatesOrlando, FLPrivate$13M-$900M69.2x

FreeTech Public Comps

FreeTech is still privately-owned, but its public comps include Tesla, General Motors, Autodesk, Constellation Software, Dassault Systemes, SAIC Motor, Aurora Innovation, XPENG, China Aerospace Times and Mobileye.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Tesla$95B$10B15.0x13.8x140.8x97.4x
General Motors$185B$15B1.0x1.0x12.1x8.5x
Autodesk$7.2B$1.8B6.3x5.7x25.6x14.1x
Constellation Software$12B$2.5B4.0x3.5x18.5x12.9x
Dassault Systemes$7.2B$2.2B4.0x4.0x13.2x11.2x
SAIC Motor$98B$7.1B0.1x0.1x1.5x2.3x
Aurora Innovation$3M($786M)3957.3x1040.1x(15.1x)(15.5x)
XPENG$11B$156M1.1x1.0x80.6x(74.9x)

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Common questions about FreeTech

When was FreeTech founded?FreeTech was founded in 2016.
Where is FreeTech headquartered?FreeTech is headquartered in Hangzhou, China.
Is FreeTech publicly listed?No, FreeTech is a private, VC-backed company.
How much funding has FreeTech raised?FreeTech has raised $204M across 3 funding rounds.
What was FreeTech's last funding round?FreeTech's last funding round was a $100M Series B in November 2022, led by Chaos Investment.
Who are FreeTech's investors?FreeTech's investors include Sun Life Everbright Life Insurance, Guopeng Capital, BAIC Capital, Hengxu Capital, GSR United Capital, TCL Industry Holding Corp., Pegasus Group, Shaanxi Automobile, SAIC, Dongfeng Motor Group Co and 7 others.
Which companies are comparable to FreeTech?Companies comparable to FreeTech include Applied Intuition, Hong Jing Drive, WeRide, Soterea, Aeva and Luminar.

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