MINIEYE, an intelligent driving solutions developer, announced on Monday that it has completed a D3 round of financing, led by Cathay Capital and followed by a sub-fund of NIO Capital and Shenwan Hongyuan. So far, MINIEYE’s D-round financing has totaled 800 million yuan ($120.4 million).
MINIEYE said that the funds raised in the whole round D will be used to further consolidate the company’s leading position in the field of mass production intelligent driving in China, continuously expand the core technology stack, and accelerate the R&D process of high-level autonomous driving solutions.
MINIEYE focuses on the innovation and carrying out of full-stack technology of autonomous driving, devoted to the cutting-edge technology of large-scale mass production.
According to different market segments and the diversified demands of autonomous driving, MINIEYE has formed four major products, including L0-L2 ADAS products and solutions iSafety, L2+/L2++ intelligent pilot assistance solution iPilot, intelligent cockpit perception and interaction solution iCabin, and high-precision map crowdsourcing update service iMap.
MINIEYE has reached cooperative arrangements with more than 40 automobile makers, and the factory-installed mass production customers include Chinese NEV makers NIO and Hozon Auto, as well as leading traditional automobile enterprises such as Geely and BYD. It has bagged a total of nearly 100 mass production projects. In 2021, its shipment of intelligent driving products exceeded 400,000 sets.
John Li, Partner of Cathay Capital, said: “MINIEYE ranks among the best in the market share of commercial vehicle assisted driving. Besides, it has entered the passenger car and new energy vehicle enterprises market, and won several project sentinel procurements. I believe that with the support of strategic resources and funds, the firm can continuously provide customers with safe and reliable products and create more long-term value for the automobile industry. “