Cathay, GGV back China’s Momenta

Financial terms weren’t disclosed. The round came three months after the start-up secured a $46 million Series B round led by NIO Capital, an investment unit of local electric-vehicle maker NIO.

Beijing-based Momenta was founded last year by Xudong Cao, who previously worked in Microsoft’s R&D center and for Chinese artificial intelligence (AI) company SenseTime – which raised $410 million in its most recent round in July. Momenta develops autonomous driving software that processes images, locate buildings, vehicles a, d pedestrians and positions them on a 3D map in real time.

Momenta claims to be differentiated from other AI software developers in two ways: its software can process data generated from consumer-grade cameras, whilst others require expensive, high-definition cameras; and its technology can optimize the performance of a self-driving car faster and more accurately.

The company has already established partnerships with automakers including Daimler and NIO, as well as Chinese search engine giant Baidu to develop a driving open-source platform. Following the new investment, Momenta hopes to work with high-end auto parts manufacturers by leveraging Cathay’s relationships in China, Europe and the US.

The company previously raised a Series A round led by Blue Lake Capital, with Sinovation Ventures and ZhenFund also participating. Shunwei Capital came into an extended Series A round earlier this year.

Self-driving technology is still nascent and no start-up in China, the US, and Europe has yet addressed every facet of the market, Jenny Lee, a managing partner at GGV Capital, said in a statement. While it’s also difficult for a company to be a dominant player in every part of the world, GGV believes that Momenta will become an industry leader in China.

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• Topics
• Greater China
• Technology
• Early-stage
• Support services
• China
• TMT
• Venture
• GGV Capital
• Cathay Capital Private Equity
• automobiles