self driving

Chinese autonomous driving technology developer Momenta, announced on 19th March 2021 that it has raised US $ 500 million in its Series C round. The round that witnessed participation from scores of investors was led by Toyota, SAIC Motor and Bosch.

Investors: SAIC Motor is one of the largest automotive design and manufacturing companies in China. It was founded in the year 1955 with its headquarters in Shanghai, China. It manufactures commercial vehicles and passenger cars, while investing resources and time into R&D to continuously explore intelligent technologies that can drive the future of the automotive industry.

Its vision reads as follows- “Building an innovative, globally-recognised company that pioneers the automotive future”

Bosch, on the other hand, is a Stuttgart (Germany) based company that describes itself as a leading global supplier of technology and services. It was founded in the year 1886 by Robert Bosch.

Other notable investors of the round include Mercedes Benz, Daimler, Tencent Holdings, Temasek Holdings and more.

Purpose of investments: Currently Momenta is working with different automakers to develop self-driving functions and fully autonomous driving technologies. With the new investments, it will increase its workforce and collect more data to improve technologies.

About Momenta:

Momenta is a Beijing, China, based designer of autonomous driving technologies. It was founded in the year 2016 with Gang Sun, Shaoqing Ren, Yan Xia and Xudong Cao as the founders.

Led by a team of highly qualified experts in computer vision and deep learning  Momenta is the leading autonomous driving software space with a strong commitment to innovation.

What the CEO has to say:

“The auto industry needs to develop more advantages when confronting Tesla’s marketing today, so they are paying more attention to autonomous driving.

Electrification is no longer enough to differentiate one high-end car brand from another because the motors and batteries they used are quite similar. The key differentiator now is intelligence”—Cao Xudong, CEO and founder of Momenta.

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Raghavendra writes about the startup ecosystem on VC Bay. He is a final year undergrad at Indian Institute of Management and Commerce. Besides being a sports enthusiast, he is passionate about the world of finance and startups.


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