IEST Completes Tens of Millions Yuan（CNY）Level in Pre-A Round Funding
Recently, IEST completed tens of millions of yuan (CNY) in Pre-A round of funding. This round of funding is the first funding of IEST since its establishment five years ago. FOUNDER H FUND CO.LTD is the leading the investor , Xiamen Tungsten Jiatai and Xiamen High-tech Venture Capital are the investor followed up . The funds will be used for the development of the main business, which will include continuing to increase R&D investment, expanding production, team building, marketing and etc.
According to EVTank data, in 2022, the overall global shipment of lithium ion batteries reached to 957.7GWh, a sharp increase of 70.3% year-on-year. The wide application of lithium-ion batteries in the fields of 3C, EV and energy storage has boosted the rapid growth in the industry. This hot new energy track has attracted more and more entrants.
For battery enterprises, the market competition is very fierce. Externally, more and more car companies choose to develop and produce their own batteries, and a large number of new entrants have emerged. Internally, to expand production on a large scale, they must face the hidden concerns of product safety and overcapacity. In order to cope with such fierce competition, new energy power battery companies need to invest more energy in R&D, product innovation, process and yield rate improvement. Founded in 2018, IEST is a leading provider of innovative testing solutions. It position at high-end testing equipment for new energy batteries, helping new energy raw material companies and battery companies to improve the success rate of battery research and development and the yield rate of quality control.
In the lithium battery industry, due to the lack of certain testing methods and the inconsistency of testing methods, it is more difficult to monitor the quality of incoming materials at all levels of the industrial chain, resulting in a decline in yield rate and an increase in operating costs for enterprises. In the four major phases of battery research, development, manufacturing, use, and after-sales support, IEST offers four product categories with over 20 products and technical solutions to meet different testing and requirements.
In terms of R&D, IEST maintains a large amount and a high proportion of R&D investment. Nearly 60% of them are R&D personnel, and a multidisciplinary R&D team composed of doctors, masters and industry experts/ consultants has been established. Until May 2023, IEST has obtained a total of 52 authorized and publicly disclosed patents, collaboratively engaged with numerous industry leaders in the development of both national and industry standards. Recently, IEST has received a series of prestigious recognition, including "National High-Tech Enterprise," "Specialized and Innovative Enterprise of Xiamen City," and "Science and Technology Little Giant of Fujian Province." These accolades further solidify IEST's leading position in the field of technology
Currently, IEST has introduced 6 globally pioneering testing instruments, secured numerous patent authorizations, and forged technology industrialization partnerships with companies and institutions such as CATL, BYD, Xiamen Tungsten, Xiamen University, and Tsinghua University. These innovative testing instruments find widespread applications in raw material enterprises, battery cell manufacturers, battery end-users, and domestic research institutions. As foreign investments in the new energy industry continue to rise, IEST is experiencing rapid growth in its customer base in regions including Europe, the United States, Japan, and South Korea.
In the first five years of its establishment, IEST focused on serving top customers, accumulated industry experience, and realized the delivery to R&D. Starting in 2023, IEST will realize the expansion of multiple product lines, realize production line delivery, and expand to the upstream and downstream of the industry.