Chinese self-driving technology startup Momenta has raised $500 million in a C+ Round of financing, making its overall C Round total more than $1 billion. So far, its strategic investors include SAIC, General Motors, Toyota Motor and Bosch, as well as prominent investment institutions Temasek and Yunfeng Capital.
Other investors that participated in the round include Mercedes-Benz, IDG Capital, GGV Capital, Shunwei Capital, Tencent and Cathay Capital.
“Chinese consumer groups easily accept electrification and autonomous driving technology. The agreement with Momenta will support General Motors to accelerate the tailor-made solutions for Chinese consumers and put them into use,” said Bai Li, Executive Vice President of GM and President of GM China.
Founded in 2016 by a team of AI engineers from Microsoft Research, Momenta is using a data-driven approach, with its algorithm able to turn sensory information about a vehicle and its surroundings into actionable information in real time. Collecting the billions of data points needed to power the algorithm of data requires vast amounts of driving, hence the effort to partner with automakers.
At present, Momenta has established cooperative partnerships and obtained strategic investment with many leading global automobile manufacturers including SAIC, General Motors, Toyota and Mercedes-Benz, as well as tier-one suppliers such as Bosch.
Momenta provides different levels of autonomous driving solutions based on data-driven automation flywheel. The first production model outfitted with Momenta’s automated driving technology will be SAIC’s electric Zhiji L7 sedan. Deliveries of the new model could start as early as next year, according to Bloomberg.