Recently, autonomous driving solutions provider iHorseai closed A round of financing worth nearly CNY 100 million, which will be used for product R&D and mass production.
On December 16, autonomous driving solutions supplier iHorseai (Chinese: 流马锐驰) completed its A round of financing amounting to CNY 100 million (USD 14 million), which was led by the funder in the field of crucial technology, namely Beijing Zhongguancun Development Frontier Enterprise Investment Fund (Chinese: 中关村发展前沿基金).
The fund will be primarily used for product R&D and mass production of high-level (above L2) intelligent driving algorithms and systems. Additionally, it is reported that the company's new financing round is approaching.
iHorseai, founded in 2017 and based in Zhejiang province, is a national high-tech enterprise focusing on developing and marketing of advanced driving assistance systems (ADAS). Besides, the firm has two research centers in Beijing and Guangzhou, respectively.
The company is dedicated to the mass production of autonomous driving products both for commercial vehicles and private cars. In 2019, iHorseai achieved the mass production of the world's first integrated full-automatic parking products. Also, it will release an innovative product platform for vehicle parking this year.
In the future, iHorseai will continue to focus on the market of autonomous driving solutions and lead automatic driving mass production of passenger and commercial vehicles simultaneously.