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Autonomous cars: Chinese start-up Haomo, backed by Great Wall Motor, raises fresh capital to develop driverless tech
- ‘2024 will witness the intelligent driving sector take off,’ says Zhang Kai, chairman of Haomo.AI
- Autonomous tech start-up gets 100 million yuan from Chengdu investment group in latest fundraising round
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Daniel Renin Shanghai
Haomo.AI, an autonomous driving technology start-up backed by Great Wall Motor, has raised 100 million yuan (US$13.9 million) in a new round of financing buoyed by Chinese drivers’ growing appetite for intelligent vehicles.
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The Beijing-based firm said the proceeds it received from Chengdu Wufa Private Equity Fund Management will be used to enhance its research and development capability as the commercialisation of self-driving technology picks up in the world’s largest automotive market.
“The year 2024 will witness the intelligent driving sector take off,” Zhang Kai, chairman of Haomo said in a statement on Thursday. “Haomo will continue to strengthen the industry chain and accelerate the commercialisation of autonomous driving technologies.”
Wufa is an investment group funded by the local government of Chengdu, capital of Southwest China’s Sichuan province.
The Series B1 fundraising comes after Haomo netted more than 1 billion yuan of capital in previous rounds of financing carried out since the company’s establishment in 2019.
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Its biggest backer is Great Wall Motor, China’s largest sport-utility vehicle (SUV) maker.
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