On May 11th, Shanghai-based Voyager Technology Co., Ltd. (referred to as "Voyager Technology") announced that it has completed nearly 100 million yuan in Series B1 financing, to expand into overseas markets.
Founded in 2013, Voyager Technology is a self-driving company that focuses on areas such as environmental perception, intelligent decision-making, and control execution, providing customers with safe and efficient smart travel solutions, as well as complete custom vehicle solutions and products for major automakers.
According to IMARC Group, the global self-driving market is expected to reach 411.3 billion USD by 2028, with a compound annual growth rate (CAGR) of 38.3% between 2023 and 2028.
According to the official website of Voyager Technology, it has research and development centers in Shanghai, Suzhou, Jiaxing, Anhui, and Taiwan, and offices in Hong Kong SAR, Madrid, Germany, and Silicon Valley in the United States. Voyager Technology has already deployed its technology in hundreds of thousands of vehicles worldwide, serving customers such as Volkswagen, Toyota, Lexus, Chery, Great Wall Motor, Hawtai, Ssangyong, Yutong, and Weichai. One of the purposes of this round of financing is to help the company expand into overseas markets.
The field of self-driving technology has numerous competitors and is highly competitive. In China, leading companies such as Huawei and DJI have entered the industry, while new car manufacturers such as NIO have disrupted the industry. Internationally, Waymo under Alphabet and Cruise under General Motors are among the top self-driving companies.
It is reported that the Series B1 financing of Voyager Technology was jointly invested by Orient Securities Wealth, Shenzhen Capital Group, and Shenzhen High-Tech Investment, and the funds raised will mainly be used for the research and development iteration of the company's high-level self-driving technology products, as well as the mass production of self-driving products and expansion into overseas markets.