Zhidaohulian（智道网联）, a Chinese intelligent vehicle service provider, raised 120 million dollars in its Series A round led by Tencent on Feb.1.
JD.com, Bertelsmann Asia Investments (BAI), Yixin Group Ltd. and other companies also participated in the fund raising.
The money will be used to accelerate research and development on smart on-board equipment and to expand the usage of the hardware/software platforms, according to Zhidaohulian.
“The technology industry and the automobile industry have been working on how to make vehicles smarter, and our company was born for that reason. We will provide better services for our customers based on their needs,” said Zhu Lei, founder and CEO of Zhidaohulian.
Zhidaohulian developed the Mushroom intelligent transportation system and related products to provide solutions to the Internet of Vehicles (IoV). Core team members come from tech giants such as Tencent, Baidu, Microsoft, Huawei and BMW, and have vast experience in hardware, chip design, operating systems and deep learning.
The heterogeneous computing designed by the company allows for real time integration and process of multiple units and processors. And its chip is optimized for IoV. The company also developed an APP to meet customer needs
According to Accenture, the automative market in China is expected to reach 31 million in 2020.