Lightspeed, Blue Run back Chinese mapping player Wayz.ai

Several other unnamed venture capital firms also contributed capital, as did Wayz.ai founder Wei Tao and members of his team, according to a Lightspeed statement.

Tao established the company last year. He was previously a mapping specialist at various Canadian institutions and then set up GeoTango, an internet mapping firm that was acquired by Microsoft in 2005. After three years with the US software giant, Tao founded Chinese video streaming platform PPTV from 2009, which was subsequently acquired by Suning Commerce.

Wayz.ai wants to support autonomous driving by delivering a complete mapping solution, combining high-definition maps, positioning and navigation, and security testing with artificial intelligence (AI) and cloud technology. Current map products are suitable for level two and three autonomous driving – where there is scope for driver intervention – but Wayz.ai has been working on more complex maps in anticipation of the technology moving on to level four, the point of zero human intervention.

Most international car makers are working on driver-less technology. Once they enter the stages of testing and mass production, these companies will need to collaborate with third-party precision mapping providers because they don't have this competency in-house. Wayz.ai already has relationships with several top-tier manufacturers.

Over the past year, the company has concentrated on recruitment, technology development, and product testing. The new funding will enable Wayz.ai to continue these efforts. Team members have previous AI and mapping experience from working for the likes of Microsoft, Google, Uber, Baidu, and Qualcomm.

"High-precision mapping is the core technical service in autonomous driving, with high technical thresholds, especially in terms of providing updates quickly and efficiently at low cost. At the same time, the domestic mapping space has high barriers to entry. We believe in Wei Tao's experience as a serial entrepreneur in this industry and we hope that he and his team can promote innovation that impacts the entire transportation spectrum," said James Mi, co-founder and a managing director at Lightspeed.

Other start-ups operating in this area include Momenta and Kuandeng Technology. Tencent Holdings and Alibaba Group have also shown an interest in the space. Tencent and GIC Private last year helped Navinfo buy US mapping player Here last year with a view to developing services in China, while Alibaba owns domestic mapping specialist AutoNavi.

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• Topics
• Greater China
• Technology
• Early-stage
• China
• Lightspeed Venture Partners
• BlueRun Ventures
• automobiles
• Venture