Tianjing-based vehicle onboard equipment and intelligent connected vehicle service provider Xintai Intelligent Automotive Technology (Tianjin) Co., Ltd. (Xintai Intelligent, 蘑菇智行) has announced Friday the closure of the company’s Series A round of funding led by Tencent, which raises USD 120 million, making the company another semi-unicorn in the automobile sector.
The funding, which is the company’s only financing round since its foundation from November 2017, values the company at USD 480 million, making it a semi-unicorn. Other investors of the funding round include JD.com, Bertelsmann Asia Investments (BAI), Yixin Investments, and Heimazongheng.
Xintai Intelligent is a technology-driven and user-oriented intelligent connected vehicle service provider, the company’s vision is to provide users with more convenient, faster, and more intelligent new driving lifestyle, according to its website.
Xintai Inteliigent has released its new intelligent connected vehicle equipment and onboard vehicle operating system, the Mogu Intelligent Driving. The system is shown as a wide onboard screen and in-vehicle cameras on the front and rear part of the car. The operating system features with artificial intelligence based voice control and precise mapping and navigating system.
The main investors, Tencent and JD.com, are both internet giants in China, the former has dominated the social media market and the latter is one of the biggest E-commerce company in China. And also JD.com is backed by Tencent by investment. It’s clear that Tencent, and even JD.com, are trying to take a share of the spoils of China’s emerging new energy vehicle and intelligent driving market.
“The trends of automobile and technology industries recent years show that people are trying to make cars smarter, that’s the reason why we are here,” says ZHU Lei (朱磊), the co-founder and CEO of Xintai Intelligent. “The core reason for the development of technology is to serve the customers and boost the industry. Xintai Intelligent will continue to provide more convenient and considerate service for every single user based on their needs.”
Zhu Lei was once chairman of the Ethics Committee of Baidu, China’s search engine giant, and worked as the vice president of Didi Chuxing and the chief technology officer of BitAuto, one of China’s largest automotive e-commerce companies, according to public information.