NETA Auto has raised four billion yuan (US$625 million) in a D1 financing round led by Qihoo 360 Technology.

The Chinese internet security company has invested 2.9 billion yuan in NETA since April, making it the second-largest shareholder of the EV startup.

Other investors include CCB International, CITIC Securities, a new energy industrial fund under Shenwan Hongyuan Securities (Hong Kong), and GF Venture Capital.

Before the D1 round financing, NETA had raised more than 11 billion yuan through seven rounds of financing.

NETA Auto is valued at 22 billion yuan and made a loss of 1.3 billion yuan in 2020. It has delivered 41,427 vehicles this year by the end of September.