Autonomous Driving System Developer MAXIEYE Secures B Round of Financing Worth $47 Million

transportation
(Source: MAXIEYE)

On Thursday, MAXIEYE, the autonomous driving technology and service provider, announced that the company had completed a B round of financing worth 300 million yuan ($47 million). This round of financing was led by Huizhou Desay SV Automotive, and followed by the funds of People’s Daily Online, Shanghai Free Trade Zone Equity Fund, Yonghua Capital, and Changzhou Xingyu.

According to the company, this round of funds will be mainly used to supplement the large-scale mass production investment in intelligent driving products for passenger cars and commercial vehicles, as well as further R&D in high-level automated driving technology.

Founded in 2016, MAXIEYE aims at the factory-installed mass production market of passenger cars and commercial vehicles, providing advanced driver-assistance systems (ADAS) and automated driving systems (ADS) products and solutions, as well as imaging system products required for intelligent driving.

Recently, the company released Maxipilot 1.0, a passenger car intelligent cruise driving assistance system. This product will be mass-produced in two different passenger car brands in 2021. At the same time, Maxipilot 2.0, which supports automatic pilot assisted driving, has also entered late stage development and will begin mass production in 2022.

SEE ALSO: Chinese Self-Driving Startup QCraft Enters Into Partnership With Nvidia, Aiming to Commercialize and Mass Produce Level 4 Robobuses and Robotaxis

Li Lele, Vice President of Huizhou Desay SV Automotive, said, “For many years, Desay SV Automotive and MAXIEYE have maintained a relatively close interaction. In the future, we will jointly expand the autonomous automated driving market in the commercial vehicle field.”

In May this year, MAXIEYE completed an A+ round of financing worth 150 million yuan, which was led by Fosun Capital, followed by TSARI Capital and previous shareholders such as Haocheng Venture.