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Autonomous driving startup Momenta raises another $500M – FiratNews

Autonomous driving startup Momenta raises another $500M – TechCrunch

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Within the wake of a $300 million funding from Common Motors in September, Momenta, an autonomous driving resolution supplier from China, introduced as we speak a further $500 million added to its Collection C spherical.

The brand new injection brings the overall of the startup’s Collection C to over $1 billion. Momenta adapts what it calls a two-legged technique of supplying superior driver help programs (ADAS) to auto OEMs like GM and Tier 1 suppliers like Bosch, whereas conducting R&D on actually unmanned autos, that’s, Stage 4 driving.

The startup has assembled an inventory of heavyweight strategic traders, together with China’s state-owned SAIC Motor, GM, Toyota, Mercedes-Benz and Bosch. Singapore’s sovereign fund Temasek and Jack Ma’s Yunfeng Capital are amongst its institutional traders.

Momenta usually speaks of how its alliance with automobile producers differentiates itself from its friends, which have chosen a extra cash-intensive route of growing in-house robotaxi fleets. As a substitute, it counts on gleaning information from a community of mass-produced autos powered by its options. Pony.ai and WeRide are amongst its closest rivals and have additionally raised a big quantity of capital.

Within the case of the GM deal, Momenta’s resolution, which makes use of a mixture of consumer-grade millimeter-wave radars and high-definition cameras, can be utilized in GM’s autos bought in China reasonably than the USA. The startup not too long ago opened its first abroad workplace in Stuttgart to be nearer to its German companions, which can indicate the footprint of its know-how might lengthen past its residence market.

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