Chinese artificial intelligence (AI) and self-driving tech startup Momenta has finished raising $1 billion in funding, including most recently $500 million in Series C financing.
The investors are some of the heavyweights from the electronics and automotive industry including General Motors, which invested $300 million alone, Toyota, Bosch, Mercedes-Benz, Tencent and other vendors such as SAIC Motor, Temasek, Yunfeng Capital, IDG Capital, GGV Capital, Shunwei Capital and Cathay Capital.
Not surprisingly, Momenta has established partnerships with SAIC Motor, General Motors, Toyota, Mercedes-Benz and Bosch.
The company set out in 2018 to raise $1 billion in funding to establish new technology for the future of the automotive industry.
Momenta is building intelligent systems for autonomous driving aimed at providing Tier 1 automotive OEMs and suppliers with systems that can be incorporated into next-generation vehicles. The company plans to develop and deploy autonomous driving technology for global vehicles to accelerate smart driving.
Its smart driving approach includes using AI and algorithms in a two-prong product strategy, focusing on mass-production of highly autonomous driving solutions and driving solutions targeting full autonomy.