By Yifan Wang

Chinese smart auto operating system developer Banma Information Technology Co. raised 3.0 billion yuan (US$463.8 million) of fresh capital from a host of existing investors, including Alibaba Group Holding Ltd.

The financing was also joined by auto maker SAIC Motor Corp., Hong Kong-listed financial technology firm Yunfeng Financial Group, and a Chinese state fund led by SDIC Fund Management and China Merchants Capital, Banma said in a statement Wednesday.

The startup plans to use the new funds to step up research and development spending for its operating system products.

Banma, whose products are used in cars by auto manufacturers, including SAIC and FAW Group Corp., will also open the window to a new round of strategic financing to investors, co-chief executive Zhang Chunhui said.

Write to Yifan Wang at yifan.wang@wsj.com

(END) Dow Jones Newswires

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