Chinese self-driving car start-up Momenta raises $46m
Momenta, a Beijing-based start-up that develops road sensors and mapping software for self-driving cars, has raised a $46 million Series B round of funding led by NIO Capital, an investment unit of local electric-vehicle maker NIO.
Other investors in the round include Mercedes-Benz’ parent company Daimler, Shunwei Capital Partners, Sinovation Ventures and Unity Ventures.
The start-up was founded last year by Xudong Cao, who previously worked in Microsoft’s R&D center and for Chinese artificial intelligence company Sense Time. Its primarily focus is to develop technology and components for autonomous driving industry.
Momenta previously raised an undisclosed Series A round led by Blue Lake Capital, with Sinovation and ZhenFund also participating. Shunwei came into an extended Series A round earlier this year. The new capital will be used to develop its core AI technology, commercializing sensors and for high definition mapping software. The company also plans to produce a car that can drive safely on its own in certain environments without intervention from human beings.
NIO Capital is investing via its NIO New Energy Industry Development Fund, which was established in conjunction with Sequoia Capital China, Hillhouse Capital and the government-backed Yangtze River Industry Fund. The vehicle, which has a total size of RMB10 billion ($1.5 billion), invests in electric vehicles and the related value chain, including new energy, intelligent driving technology, and new materials.
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