Recently, HD map service provider Kuandeng closed B1 round of financing exceeding CNY million, including strategic funding from one county government.
On December 13, high-definition (HD) map service supplier Kuandeng Technology (Chinese: 宽凳科技) announced the completion of its B1 round of financing exceeding CNY 100 million (USD 14 million), which was led by Beijing ChiFortune Investment Management (Chinese: 紫峰资本) and followed by multiple institution investors, including strategic funding from Deqing County Government (Chinese: 德清县政府).
The fund will be used for product R&D and market expansion, facilitating sustainable development of HD map.
Kuandeng is an HD map service provider with core technologies, including deep learning, image recognition, 3D vision, intelligent robots, map construction and big data cloud services. HD map is an essential part of autonomous driving, effectively improving driving safety and strengthening the overall perception and decision-making ability.
The firm was founded in 2017 by Jun Liu, former vice president of Baidu. Also, the technical team is mainly composed of masters and doctorates from world-renowned schools and former core technical executives from well-known Internet companies such as Google and BAT.
Mapping is a strategic field and is still not open to foreign enterprises in China. In January 2019, Kuandeng was approved as "Class A Qualification for Navigation Electronic Map," leading the domestic development of HD map.
In the future, Kuandeng will continue to increase investment in product R&D and build strategic cooperations nationwide, promoting the development of HD map.