On Monday, Shanghai Space Technology Co., Ltd. announced the completion of its A-Round financing worth over 100 million yuan ($15.69 million). The leading investor was Suzhou Oriza Holdings Corporation, and co-investors were Guofang Capital and Weed Ventures Capital. Existing shareholders Yunqi Partners and South China Venture Capital also joined the financing round.
The funds will be used to develop the mass production project for low-speed automated driving while also contributing to the development of new business and product lines. The company plans to develop autonomous valet parking services (AVP) in fully autonomous areas, particularly those that integrate parking and transportation.
Founded in 2019, Space Technology is committed to the R&D of core software and solutions for automated driving. Its founding team has 20 years of experience in the automobile industry and has been engaged in the mass production of hundreds of projects. The company’s automated driving software features the best and fastest deployment and mass production for different chips.
Yu Mengmeng, COO of Space Technology, spoke about the company’s efforts: “In the new era when vehicles are defined by software, car makers are more willing to pay for the software.” He continued to explain how the company is facing the future development of the industry: “The core components of cars in the future will be the software and the chip as the two are strongly coupled. This is exactly where cars will improve the most, and is also our focus.”
At the beginning of this month, the company announced that it had obtained a mass production order of over 400,000 sets from domestic leading car factories. This is also the largest mass production project and benchmark project of low-speed automated driving in China.
In 2022, Space Technology will continue to consolidate and expand its current advantage in automated driving products while also growing its leading position in general low-speed products. The company plans to crossover any R&D it completes in one industry line to the other as much as possible.
In addition, the company plays to develop high-speed automated driving in cities and the complete integration of autonomous parking. It is predicted that in 2030, Space Technology will be able to completely unify automated driving solutions.