Autonomous driving technology firm iMotion announced on Monday that it had completed a round C+ of financing worth 100 million yuan ($15.7 million). This investment was jointly led by the venture capital arm of iFlytek and China Merchants Startup Capital, followed by Suzhou Industrial Park Fund and Afond Group. Meanwhile, the company revealed that it plans to start pre-IPO financing in the near future and will start a listing process for the Shanghai Sci-Tech Innovation Board (STAR Market).
Funds from this round will reportedly be implemented to optimize supply chains, promote mass production, improve R&D of core technology products, and build an autonomous driving team.
Established in December 2016, iMotion is committed to building a factory-installed product solution system in the field of autonomous driving. It possesses core algorithms needed for autonomous driving, R&D of software and hardware, system integration verification and manufacturing capabilities. The firm also provides intelligent cameras and autonomous driving domain controllers according to the requirements of carmakers.
iMotion has realized the mass production of L2 and L2++ solutions for assisted driving. It also has a new generation of intelligent driving solutions featuring smart parking and L4 industrial park logistics solution, while the parking domain controller built by the firm can cover application scenarios such as expressways, urban roads, low-speed parking and unmanned driving in low-speed closed areas.
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Walt Song, CEO of iMotion, added that the company’s intelligent driving business in the passenger car industry accounts for 90 percent, and its unmanned driving business in low-speed closed areas accounts for 10 percent. So far, it has cooperated with car companies including Zeekr, Geely, WM Motor and Great Wall Motor. At present, mass production orders have exceeded 200,000 sets.
For this round of financing, Sun Xiaotian, investment director of the venture capital arm of iFlytek, said: “The integration of autonomous driving and smart cockpits is a general trend. iFlytek and iMotion will conduct in-depth exchanges and cooperation in various aspects, empower each other, and build an intelligent and internet-connected vehicle ecosystem together in China.”