FABU, the autonomous driving company, announced it has completed a Series B2 financing round of over CNY 100 million. This investment will be mainly used for self-driving product technology R&D, helping traditional industries to realize intelligent upgrading and transformation.
Recently, the autonomous driving company FABU (Chinese:飞步科技) announced that it has completed a Series B2 financing round of over CNY 100 million （USD 700 million). This round of financing was jointly invested by Anhui Railway Development Fund (Chinese: 安徽省铁路发展基金) and Zhejiang University Education Foundation (Chinese: 浙江大学教育基金会). The funds raised will be mainly used for self-driving product technology R&D, to accelerate the intelligent upgrade of traditional industries.
Founded in 2017, FABU is an artificial intelligence company dedicated to fully automated driverless operation. FABU focuses on providing driverless horizontal transportation systems and technology services for traditional terminals and newly built automated terminals, and it was awarded as a national "Small Giant" enterprise in 2022. Its full-stack self-researched product system, including L4-level vehicle-side intelligent driving system, solves the industry pain points such as high infrastructure investment and long landing cycle, and has obtained long-term stable commercialization landing verification in the world's largest ports.
In September 2022, FABU and Ningbo Zhoushan Port Meidong Company ( Chinese: 宁波舟山港梅东公司) completed the signing of the 4th phase of cooperation, continuing to expand the application of L4 class unmanned collector trucks in the port, forming the world's largest single terminal unmanned collector truck fleet. FABU has achieved port business coverage in two major economic provinces, Zhejiang and Jiangsu, with a leading market share nationwide.
The scale of the fleet operated by FABU has been expanding steadily year by year, and a stable and healthy revenue model has been formed by providing customers with unmanned horizontal transportation technology services. At the same time, FABU will continue to lay out the commercial landing in logistics, public transportation, travel and other multi-scenes, helping traditional industries to realize intelligent and unmanned upgrading and transformation.