PhiGent Robotics announced on Wednesday that it has completed round-A financing totaling $30 million. The leading investor was Ince Capital, while existing shareholders Atypical Ventures, 5Y Capital and Jinshajiang Venture Capital increased their investments. Its strategic investor Deepshire Investment Management gave strong support in commercial implementation.
The new funds will be used for core technology R&D, high-quality mass production and commercial deployment across a wider range.
Founded in August 2021, PhiGent Robotics is one of the earliest Chinese enterprises to deeply cultivate AI algorithms, software and chips. Its core team comprises more than 130 staff members, all from top AI algorithm, chip and automated driving companies in China and abroad.
PhiGent Robotics has launched a high-level automatic driving solution with visual 3D understanding as the core. Based on 2.0 software architecture and end-to-end data drive, it is distinguished for controllable cost, high adaptability and modular delivery.
PhiGent Robotics will soon launch binocular vision radar PhiGent Heimdallr, its first independently-developed product. This product obtains 3D basic description information of Low Level Vision and also advanced semantic information of High Level Vision through efficient AI computing, and combines all information for perceiving and understanding the real world and promoting automated driving.
According to a report by IDC, in the first quarter of 2022, the penetration rate of L2 automated driving in the passenger car market reached 23.2%. In terms of market size, according to another report by HIS, it is estimated that by 2022, the global automated driving market will reach $162.9 billion, up about 14% year-on-year. In China, the automated driving market is expanding faster, with an estimated growth rate of about 24% in 2022.