Haomo.AI accelerates the usage of its autonomous driving solutions in China with series A+ funding
Beijing-based autonomous driving startup Haomo.AI has raised hundreds of millions of yuan in its series A+ round that will help its further expansion and allow it to fend off competition.
The series A+ financing round was led by Bank of China Group Investment Limited with the participation of the existing investor Shoucheng Holdings Limited.
The capital raise came weeks after Haomo completed its series A financing round amounted CNY 1 billion, which enabled it to reach unicorn status.
The company, which has already counted Meituan, Qualcomm Ventures, GL Ventures as its major investors, said it plans to use the fresh capital to help finance growth, support R&D and talent acquisition to cement its leading position in the autonomous driving industry in China.
Commenting on the new financing round, Zhang Kai, chairman of Haomo said “This round marks a new development stage for Haomo. With the help of partners and investors, Haomo will continue to maintain its leading position in mass production of autonomous driving solutions and AI technology.”
Explaining the decision making for the investment, Liu Jian, chairman of Bank of China Group Investment Limited highlighted that “Haomo will be an important part of its asset portfolio because the company is the most promising autonomous driving company in China with proprietary core technologies.
“We expect the company, guided by its windmill strategy, to realize a virtuous circle of data, technology and products, through mass production and shipment, as well as the establishment of data intelligence system MANA.” Liu added.
Bank of China Group Investment Limited is the direct investment arm of State-owned financial conglomerate Bank of China.
“Haomo expects to roll out the urban road version of its in-house developed Level 2 autonomous driving system – the NOH (Navigation on HPilot) by mid-2022 after releasing the all-scenario version in the second half of this year,” Gu Weihao, CEO of Haomo said in a statement, adding that the company has planned to launch HSD, the Haomo Self-Driving fleet in 2023.
The NOH system is able to assists passenger vehicle drivers mainly on highways, with features such as automated steering, acceleration, and braking, NOH has been available on six car models produced by by now.
The system has assisted tens of thousands of vehicle owners on six car models of Great Wall Motor, including WEY Mocca, Tank 300, WEY Latte, WEY Macchiato, Haval Shenshou, and Tank 500.
Haomo’s self-driving technologies has helped vehicles to drive more than 7 million kilometers in total, making Haomo the No. 1 company in China in terms of usage of autonomous driving solutions.
In addition to providing Level 2 self-driving system, Haomo also produces low-speed unmanned Level 4 autonomous driving logistics vehicles. In order to help control a potential wave of COVID-19 outbreak, the autonomous driving logistics vehicles have started to deliver groceries ordered on Meituan’s platform to residents in Xuhui district, Shanghai since April 6.