AUTOAI again obtained strategic investment from Robert Bosch Venture Capital GmbH after its first round of financing.
Connected Car Technology. PHOTO: rawpixel on Unsplash
Jan 21, 2019 /EqualOcean/ - According to AutoAI's announcement on its Official Wechat Account, AutoAI once again obtained fresh investment from Robert Bosch Venture Capital GmbH (RBVC) after the first round of financing led by Tencent (腾讯)，NIO (蔚来) and the No.1 internet car-hailing service company DiDi (滴滴专车). The exact amount is not published by the company yet. The new investment leads to further enhancement of the company's strategic investment partnership in terms of number, quality and covering fields of the investors.
Robert Bosch Venture Capital GmbH (RBVC) is a Bosch Group corporate venture capital firm that invests in key development stages of innovative start-ups around the world. Its investment activities are mainly focused on technology companies related to Bosch's current and future business, especially in automation and electrification fields. Bosch's strategic investment this time not only shows its acceptance, recognition and determination in connected vehicle through cooperating with companies working on related technologies, but also shows that the international giant is highly optimistic about the development prospects of the connected car industry in China, highlighting the AutoAI's special and important position in the connected car industry in China.
Ingo Ramesohl, the managing partner of the Venture Capital firm stated, "The founder of AUTOAI is a pioneer in China navigation maps. The management team is also composed of entrepreneurs and top talents in the industry. They have a track record of success in both the technology field and the business field, and the connected vehicle is no doubt, one of the most important aspects of future transportation. AutoAI and its strong partners in mobile and automotive industries are well placed to play an important role in the fast-growing Chinese connected vehicle market.”
The CEO of the company, JING Muhan (景慕寒) suggested since Bosch Group is a world-renowned brand in the automotive industry. This strategic investment will help to enhance the market competitiveness of AutoAI in the field of connected vehicle, and also help to enhance the company's ability to provide more comprehensive IOV (I/O virtualization) services to OEMs (original equipment manufacturers).
According to PwC, by 2030, the annual compound growth rate of China's connected car market will reach 38%, and the market size is expected to reach USD 39.5 billion. Up to now, AutoAI has established in-depth cooperation with more than 40 well-known automotive manufacturers, more than 20 system vendors, and more than 100 partners (More on Backed by High Profile Chinese Investors, AutoAI Aims at No.1 in China's Connected Vehicle Industry). The Bosch Group is an international giant in the field of automotive components. It has a solid foundation and accumulation in automotive electronics, sensors, and autonomous driving. The strategic investment opens further cooperation opportunities between the two and expands the fields AutoAI covers.