BEIJING: Chinese language autonomous driving startup Momenta stated on Friday it has acquired $500 million from SAIC Motor, Toyota Motor and auto components provider Bosch, as the worldwide auto business pursues the autonomous future.
Different traders within the funding spherical embody Daimler AG , Temasek, Yunfeng Capital and Tencent, Momenta stated in an announcement. It didn’t disclose the valuation.
The four-year-old agency, led by Cao Xudong, a former Microsoft government, is testing autonomous vehicles in Beijing and China’s jap metropolis of Suzhou, and has a analysis centre in Germany’s Stuttgart.
Momenta is working with automakers to develop mass-production autos with self-driving capabilities to assemble real-time knowledge for the totally autonomous driving applied sciences for future merchandise. Knowledge is a key a part of the self-driving business which permits corporations to enhance their applied sciences in numerous environments.
Momenta will develop its workforce and collect extra knowledge to enhance future applied sciences, it stated.
Toyota final 12 months partnered with Momenta to develop a excessive definition (HD) mapping platform in China for autonomous driving autos, a key to permitting such autos to find themselves.
Shanghai-based SAIC Motor is China’s largest automaker, which has partnerships with Volkswagen AG and Basic Motors Co. On Thursday it stated would associate with U.S. lidar maker Luminar Applied sciences to develop self-driving autos.
Automakers and know-how corporations are investing billions of {dollars} in autonomous driving, aiming to take an early lead in what many think about the way forward for street transport, although some business insiders say it’s going to take time for the general public to totally place their belief in these autos. (Reporting by Yilei Solar and Tony Munroe Modifying by Shri Navaratnam)
