(Yicai Global) July 15 -- China's Banma Network Technology has gained CNY3 billion (USD463.8 million) from four investors, including Alibaba Group Holding and SAIC Motor, to advance its smart vehicle operating system business.

State Development and Investment Group and Yunfeng Capital also joined the fundraiser, the automotive startup that has offices in Shanghai and Hangzhou said at a ceremony yesterday. It didn't disclose how much each investor spent.

Banma was founded in 2015 by Hangzhou-based e-commerce giant Alibaba and carmaker SAIC Group. After the latest capital increase, SAIC will have fewer shares in the startup while Alibaba and its affiliates will hold more than 50 percent of the equity.

Banma is planning to start a new round of strategic financing for industrial players, Yicai Global learned at the event. That may mean that other automakers can join its shareholders.

Some three million intelligent car owners already use software developed by Banma, according to its website.

Editors: Xu Wei, Emmi Laine, Xiao Yi