China autonomous driving player Mogo raises $84m
Mogo Auto, a Chinese autonomous driving solutions provider, has raised CNY 580m (USD 84m) in a Series C extension featuring Tencent Holdings.
Investors also include Chengdu Science and Technology Venture Capital Group, Zhuhai Haidu Science & Technology Innovation Investment, and automotive finance platform Yixin Group.
Mogo was founded in 2017 with a focus on level-four (L4) autonomy, where the car is fully autonomous in certain environments but still needs a driver in the seat. It has since shifted its model several times, eventually settling on “vehicle-road collaboration,” a field of smart road construction largely dependent on government support.
The vehicle-road collaboration market in China will be worth CNY 496bn by 2030, according to Iyiou, a local industrial technology data provider. As of last August, there are more than 40 demonstration areas nationwide.
Mogo has three core business areas: digital transportation infrastructure (Mogo AI Station), autonomous vehicles (Mogo Vehicle), and network connection and data operations (Mogo AI Cloud). It claims its vehicle-road collaboration systems significantly improve autonomous driving safety.
The offerings can accommodate vehicles with driving capabilities from L0 to L4 and cover scenarios from highways and urban roads to scenic spots and industrial parks.
Proceeds from the latest investment will go towards an acceleration of product iteration and the commercialisation of standardised products.
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