Backed by Chinese language automaker Nice Wall, Haomo raises $14 million for autonomous driving expertise

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After a couple of years of financing frenzy, autonomous driving firms in China are experiencing a slowdown of their investments. Some firms proceed to lift capital, though the times of funding a number of hundred million {dollars} in a single go are largely gone.

Haomo.ai, an autonomous driving startup backed by Chinese language automaker Nice Wall Motor, has raised 100 million yuan, or $14 million, in a brand new spherical of funding, it introduced as we speak. The funding constitutes the primary tranche of the corporate’s Sequence B financing and was led by Chengdu Wufa Non-public Fairness Fund Administration, an funding automobile backed by the Chengdu authorities.

As international enterprise capital companies withdraw from China, home buyers, significantly these with funding from native governments, have stepped as much as help the nation’s new tech darlings. 4-year-old Haomo has raised greater than $200 million in fairness, in keeping with the Startup Database. He makes use ofand all this cash was denominated in Chinese language yuan.

Chinese language meals supply large Meituan and Qualcomm Ventures, Qualcomm’s company enterprise arm, are amongst Haomo’s former buyers.

Led by CEO Gu Weihao, a Baidu good automotive veteran, Haomo has targeted on creating superior Degree 2 driver help techniques for passenger automobiles, promoting primarily to its largest shareholder Nice Wall , a number one SUV and pickup truck producer in China. It additionally supplies Degree 4 autonomous driving options for logistics autos, counting Meituan, Alibaba and JD.com amongst its clients.

The funding from Chengdu, recognized for its large pandas and scrumptious, spicy meals, ties Haomo to a deal to develop robotics for Wuhou, a central district of the town. Native governments in China typically compete to grow to be nationwide “demonstration zones” for cutting-edge applied sciences, with the assistance of personal expertise firms. For Wuhou, Haomo’s cleansing and security inspection robots would be the centerpiece of the district’s expertise showcase.

Haomo’s ADAS options, with options similar to automated braking and lane altering, have outfitted greater than 20 automobile fashions and have logged some 120 million driving miles, the corporate stated. Its autonomous supply vans have transported practically 300,000 grocery packages for supermarkets in Beijing.

Haomo competes with a lot of Chinese language AV entrants who’ve raised funds from Western enterprise capital companies, similar to Pony.ai, WeRide, Momenta and Deeproute. Except Momenta, all launched with the ambition of creating robotaxis. Having realized that driving L4 is capital intensive and nonetheless years away from widespread adoption, they opted for a route extra just like Haomo, work on much less superior however extra simply deployable L2 or L3 merchandise.

Haomo’s benefit lies within the involvement of the Nice Wall. Being backed by a significant automotive authentic tools producer (OEM) supplies it with the income wanted to fund costly R&D with out being restricted to promoting to a single buyer. Haomo provides its ADAS to a few different tools producers, in keeping with an organization spokesperson, declining to call them.

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