Chilye, a Chinese startup that develops high-voltage battery systems for EV Raises $15.7M

Chilye, a Chinese startup that develops high-voltage battery systems for electric vehicles (EVs), has raised around $15.7 million from a group of investors led by Xiaomi, the latest move of the Chinese smartphone maker joining the EV race.

Apart from Xiaomi, other investors include private equity firm Yonghua Capital and state-backed Oriza Holdings

Chilye said that the proceeds from the round will be spent on researching and developing high-voltage car battery systems and ramping up manufacturing for commercial products without revealing further details.

Headquartered in the eastern city of Suzhou, Chilye said it has secured clients including “multiple mainstream automakers” and will have the production capacity to equip 3 million EVs with its products annually by mid-2022.