Autonomous Driving Company Mogo Auto Secures Series C2 Financing, Tencent Participates in
On May 6th, it was reported by 36Kr that Mogo Auto, a company offering autonomous driving technology and operation services, has successfully raised 580 million yuan ($83 million) in C2 round financing. The investors involved in this funding round include Chengdu Science and Technology Investment Group, Zhuhai Haidou Science and Technology Investment Group, Tencent, as well as auto finance firm Yixin Group. This significant amount of funding is noteworthy given the current downturn in financing for the autonomous driving industry in China.
Based on incomplete statistics, China’s autonomous driving industry received 124 investments in 2021, totaling over 76 billion yuan in disclosed financing. However, in 2022, although the number of investments remained almost the same, the financing amount dropped significantly to only 20.5 billion yuan. This suggests that the autonomous driving industry is experiencing a shift towards more rational development and away from speculative bubbles.
Mogo Auto, established in 2017, has independently developed an L4 level autonomous driving system. The company has launched a standardized product package for autonomous driving services and received orders from various industries, including digital transportation, intelligent connected vehicles, and vehicle-road coordination.
Mogo Auto reports that its solution has been adopted in over 10 provinces and cities, with contracts totaling more than 11 billion yuan. However, Mogo Auto’s approach has been met with controversy due to its reliance on government investment during the early stages of development, making it vulnerable to policy changes.
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The company has more than 1000 employees, with over 70% of them being technical personnel. The technical expertise is derived from major technology companies like Google, Microsoft, Huawei, Baidu and Tencent. Additionally, the company owns over 900 patents.