Chinese Autonomous Driving Tech Startup Raises $1 Billion
Momenta, a Beijing-based startup specializing in autonomous vehicle software, says it has secured more than $1 billion in its latest funding round.
#economics
Momenta, a Beijing-based startup specializing in autonomous vehicle software, says it has secured more than $1 billion in its latest funding round.
Existing investors NIO Capital and Pagoda Investment led the funding. Other participants included Chinese social media giant Tencent Holdings, government funds from Shanghai and Suzhou, China Merchants Group and CCB International.
Momenta, which was formed two years ago by former Microsoft Corp. software engineers, previously had raised about $200 million.
The company recently received permission to test self-driving vehicles in Shanghai and Suzhou. Momenta says it will deploy a “large-scale” test fleet equipped with its Level 4 autonomous driving system in Suzhou.
The Level 4 system integrates information from camera, millimeter-wave radar and lidar sensors to track nearby objects and a vehicle’s position relative to its surroundings. Using internally developed deep-learning software, HD mapping and big data computing, Momenta’s platform processes information from the sensors to assess traffic conditions and predict behavior.
In addition to its Level 4 technology, Momenta is developing robotic valet parking technology and an advanced-driver-assist system for fleet applications.
RELATED CONTENT
-
On Zeekr, the Price of EVs, and Lighting Design
About Zeekr, failure, the price of EVs, lighting design, and the exceedingly attractive Karma
-
Jeeps Modified for Moab
On Easter morning in Moab, Utah, when the population of that exceedingly-hard-to-get-to town in one of the most beautiful settings on Earth has more than doubled, some people won’t be hunting for Easter eggs, but will be trying to get a good look at one of the vehicles six that Jeep has prepared for real-life, fast-feedback from the assembled at the annual Easter Jeep Safari.
-
On Automotive: An All Electric Edition
A look at electric vehicle-related developments, from new products to recycling old batteries.