MINIEYE, a Chinese company that focuses on the development of Artificial Intelligence-based sensing systems for autonomous driving, has announced the completion of its Series C financing held in October 2020. The total amount received through this round values at ¥270 million (US$ 37.2 million).
This round of investment was done by Harvest Fund, Oriental Fortune Capital, VISION+ CAPITAL, and the pre-existing investor NavInfo.
MINIEYE’s CEO, Dr Liu Guoqing announced that the investment will be used to help relieve the pressure on the supply chain caused by mass delivery demands and to increase the cash reserve of the company. With this, he hopes to meet the procurement demands of the Original Equipment Manager (OEM), right on time. Also, the fund will be used by the company to keep investing so that the Research and Development (R&D) of advanced autonomous driving technologies and maintenance of its competitive advantage with superior technology and products can continue.
MINIEYE aims to implement artificial intelligence to provide reliable sensing and decision-making solutions for autonomous driving. The company has a main focus on improving the degree of automation and at the same time wants to bring down the accident rate and to assure the safety of drivers and passengers in autonomous vehicles.
Currently, the company provides products from phase L0 to phase L3 and serves over 20 clients including GM, Ford, SAIC, BYD, Dongfeng, SINOTRUK, JAC, JMC, etc.
The company has a wide range of product offerings for both the before market and the after market. This would mean that a huge amount of data will be generated. This data can be utilised for Research and Development (R&D) which is extremely important for the autonomous driving’s technology model and will come handy in the future for developing new business models.
About MINIEYE
MINIEYE is a company concentrated on providing reliable sensing and decision-making solutions for automatic vehicles by utilizing AI. It was founded in 2013 by Guang Young. Minieye follows a development project on Advanced Driver Assistance System (ADAS) which is funded by the MDA of the Singapore government and has its headquarters in Guangdong, China.
About NavInfo
It was founded in 2002 by Patrick Cheng. NavInfo is a leading Digital Map, Telematics and Dynamic Traffic Information Service Provider, Geography related Business Intelligence Solutions Provider in China, who caters to global customers. The company is leading the way to becoming the “digital brain of intelligent driving.” Currently, NavInfo is making way for a new era in the automotive industry by using comprehensive technology development strategies and laying down the foundation to become a trustworthy smart mobility solution provider in China and across the globe.
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