ADAS Solutions Provider MINIEYE Nabs CNY 270 Million
According to the firm, the capital raised from this round will mainly be used to ensure large-scale delivery.
A developer of Advanced Driver Assistance Systems, ADAS announced the completion of its Series C round of financing of CNY 270 million backed by investors including Harvest Capital Management, Oriental Fortune Capital, Vision Plus Capital, Huaqing Technology, Shanshan Venture Capital and old shareholders NavInfo also participated in this round, increasing its holdings.
Founded in 2013, the firm is dedicated to providing sensing and decision-making solutions for automatic vehicles by utilizing AI. It aims to reduce traffic accidents and protect the safety of both drivers and passengers while improving the automation degree of vehicles.
In 2018, MINIEYE was recognized by automakers and achieved mass production in the pre-installation market. At present, the OEMs that have obtained pre-installation points include General Motors, Ford, SAIC, BYD, Dongfeng Motors, Sinotruk, Shaanxi Automobile, JAC, etc. In addition, MINIEYE has also won the L3 project designation of a commercial vehicle.
The ADAS solution provider is currently launching a series of products that can provide abundant data in the pre-installation and post-installation markets. One type of relevant data is traffic environment data, including data collected by sensors such as cameras and radar; the other type is driving behavior data, including steering, accelerator, brakes, etc. Dr. Liu Guoqing, the founder and CEO of the firm believes that by learning the driver's operation in a specific scenario, the system can make better decisions.