- New capital injection targets R&D, manufacturing and overseas growth.
- Startup aims to compete in fast-growing EV efficiency battleground.
Lingdong Tech, a Hangzhou-based startup specializing in thermal management systems for new energy vehicles, has raised several hundred million yuan in a Series A+ funding round, highlighting investor appetite for technologies that improve electric vehicle (EV) range, safety and energy efficiency as global EV competition intensifies.
The round was led by Zhejiang-based Puhua Capital and Guangzhou’s Baiyun Financial Holdings, with participation from multiple industrial and state-backed investors.
The company said proceeds will be used to accelerate core technology development, expand intelligent manufacturing capacity, advance global market entry and strengthen its supply-chain ecosystem.
Founded in 2021, Lingdong Tech has built an integrated three-tier platform comprising “system, software and product,” focused on AI-enabled thermal management solutions targeting EVs.
Lingdong’s platform combines modular hardware design with software optimization to help automakers reduce costs while improving vehicle performance, it says.
The company looped in venture investors including Sequoia China, Vision Plus Capital and 100 Summit, alongside strategic industry investors, during previous rounds of financing.
The company hit its 2025 performance targets and achieved major breakthroughs across both commercial and passenger vehicle segments, Lingdong’s Founder and CEO Zhang Dongbin said in a press release.
He added the startups’ new environmentally friendly refrigerant solutions secured key customer nominations, further boosting investor confidence ahead of the latest financing.
Lingdong has established a foothold in China’s heavy-duty electric truck market, supplying thermal systems to major manufacturers including FAW Jiefang, GAC Lingcheng and Shaanxi Auto Commercial Vehicle.
At the same time, it has been expanding into light trucks, vans and passenger EVs, with orders secured from Leapmotor, Changan Deepal, SAIC Maxus and Chery Karry.
Critical battleground
Thermal management has emerged as a critical battleground in EV competition, directly affecting battery longevity, driving range and operational safety.
According to AskCi, a market consultancy, China’s EV thermal management market reached roughly 67.6 billion yuan ($9.8 billion) in 2024 and is projected to surpass 75.8 billion yuan in 2025, led by dominant supplier Sanhua Intelligent Controls alongside competitors such as Yinlun and Tuopu Group.
Driven by market prospects, smaller rivals like Lingdong have also bet big on the sector. In a report released in September 2025, automotive intelligence provider Gasgoo estimated that China had 4,573 companies — those with annual main-business revenue exceeding 20 million yuan — operating in the EV thermal management sector.
To meet anticipated demand, Lingdong plans to ramp production at its Hangzhou plant and another facility in Jiangsu’s Zhangjiagang City. Two new factories in Jinhua and Guangzhou are also slated for completion this year.
Once fully operational, the company expects annual capacity to reach 2 million intelligent domain controllers, 1 million integrated thermal modules and 200,000 liquid cooling units, says the press release.
