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Self-driving Car Startup Momenta Secures USD 46 Mln Series B

Sina Tech, 7/20/17

Beijing-based self-driving automobile solutions provider Chusudu Technology (Momenta) recently received USD 46 mln in Series B funding led by NIO Capital, with participation from automobile conglomerate Daimler Group, Shunwei Capital, Sinovation Ventures, and Unity Ventures. The funding will be used to strengthen core artificial intelligence capabilities and development of L4 driverless car technology, said Momenta CEO Cao Xu.

Momenta, established in September 2016, provides solutions which include AI-reproduced visual perception, high-precision semantic maps, and data-based driving decision making. The company's AI-reproduced visual perception solution is capable of perceiving cars, pedestrians, and road conditions, and can carry out real-time positioning for high-precision maps. It is also capable of distinguishing multiple driving lanes, traffic signs, and signals in the dark, in inclement weather, or in situations where there are no clearly marked lanes.

In 2016, Momenta received Series A funding led by Blue Lake Capital, with participation from Sinovation Ventures and ZhenFund. Earlier this year, the company secured Series A1 funding from Shunwei Capital.

Shunwei Capital Partners is a VC firm founded by Chinese Android device maker Xiaomi CEO Lei Jun.

Editor's Note: A Level 4 autonomous car, as defined by the U.S. Department of Transportation, is a "vehicle designed to perform all safety-critical driving functions and monitor roadway conditions for an entire trip. Such a design anticipates that the driver will provide destination or navigation input, but is not expected to be available for control at any time during the trip. This includes both occupied and unoccupied vehicles."

Keywords: Momenta NIO Capital VC M&A Series B Daimler Shunwei Cao Xu hardware funding software Unity Ventures Sinovation driverless vehicle Chusudu

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