With an agreement of investment and cooperation reached between Chuhang Technology and HELLA, both companies will improve their competitive advantage in China’s market.
Chuhang Technology (Chinese: 楚航科技), which specializes in the development, production and sales of 77GHz to 79GHz millimeter-wave (MMW) radar sensors for Advanced Driving Assistance System (ADAS) and Automated Driving (AD) applications, has raised over CNY 100 million in a Series B funding round.
HELLA, a German automotive parts supplier, together with several other undisclosed companies, were the co-investors of Chuhang Technology.
HELLA Vice President Fang Yiqing said Chuhang Technology had strong R&D teams and achieved outstanding results in products, projects, and channels. Meanwhile, Chu Yongyan, the CEO of Chuhang Technology, responded that cooperation with HELLA would help his company reach mass production and make it more competitive.
During 2021, Chuhang Technology aimed for the commercialization of its ADAS. The startup has supplied millimeter wave radar sensors to 16 OEMs and installed them on more than 30 car models.
Public information shows that Chuhang Technology will add 8-12 production lines in Shanghai, with an annual output 5 million units of ADAS/which is expected to churn out 5 million units of ADAS.
China’s ADAS and AD markets are intensively competitive. As a new player founded in 2018, Chuhang Technology is facing a formidable threat from competitors such as Hesai Tech (Chinese: 禾赛科技), RoboSense (Chinese: 速腾聚创), LS LiDAR (Chinese: 镭神智能) and isurestar (Chinese: 北科天绘).