Changsha-based commercial vehicle smart driving enterprise CiDi announced on Friday that it has completed round-C financing of 300 million yuan ($44.9 million). The leading investor was Chengdu Sci-Tech Innovation Investment Group, and the co-investor was China Emerging Assets. Existing shareholders Ruishi Fund and Qiandao Fund also participated in this investment round.
The funds are intended to be used for promoting the strategic layout and market development of CiDi in the cities of Chengdu and Chongqing. CiDi also plans to invest more in the research and development of commercial vehicle automated driving and vehicle-road coordination, actively participating in “new infrastructure” and “synergistic development for smart cars and smart cities.”
Founded in October 2017, CiDi focuses on R&D, product development and implementation of core technologies for commercial vehicle autonomous driving and C-V2X vehicle-road collaboration. The company is committed to innovation of its core technology, leveraging autonomous driving and intelligent network technology to solve the immediate needs of industry and people’s livelihood.
At present, its automated driving products include unmanned mining trucks and heavy duty trucks, intelligent driving buses and working vehicles, as well as products to improve the safety and efficiency of vehicles.
CiDi cooperates deeply with many large-scale main engine factories, and has jointly developed products such as trunk line and park logistics automated driving. Its products include vehicle-grade OBU, roadside RSU, MEC, holographic sensing, and more, supporting dual-band, multi-mode, DSRC and other broad applications. The company has developed solutions for dozens of application scenarios including highways, urban transportation and parks.
The Chengdu-Chongqing area is located at the intersection of China’s official Belt and Road Initiative and the country’s Yangtze River Economic Belt, and it is the starting point of the new land-sea channel to the west. At present, the matching rate of the automobile and electronic industries in Sichuan and Chongqing exceeds 80%, making them important automobile industry bases and electronic information industry bases in China.