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Within the wake of a $300 million funding from Common Motors in September, Momenta, an autonomous driving answer supplier from China, introduced right now a further $500 million added to its Collection C spherical.
The brand new injection brings the whole of the startup’s Collection C to over $1 billion. Momenta adapts what it calls a two-legged technique of supplying superior driver help programs (ADAS) to auto OEMs like GM and Tier 1 suppliers like Bosch, whereas conducting R&D on actually unmanned autos, that’s, Stage 4 driving.
The startup has assembled a listing of heavyweight strategic buyers, together with China’s state-owned SAIC Motor, GM, Toyota, Mercedes Benz, and Bosch. Singapore’s sovereign fund Temasek and Jack Ma’s Yunfeng Capital are amongst its institutional buyers.
Momenta typically speaks of how its alliance with automotive producers differentiates itself from its friends, which have chosen a extra cash-intensive route of creating in-house robotaxi fleets. As an alternative, it counts on gleaning knowledge from a community of mass-produced autos powered by its options. Pony.ai and WeRide are amongst its closest rivals and have additionally raised a big quantity of capital.
Within the case of the GM deal, Momenta’s answer, which makes use of a mixture of consumer-grade millimeter-wave radars and high-definition cameras, will probably be utilized in GM’s autos offered in China relatively than the USA. The startup not too long ago opened its first abroad workplace in Stuttgart to be nearer to its German companions, which can suggest the footprint of its know-how might prolong past its house market.
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