On June 6, China’s intelligent driving solutions developer MINIEYE announced that it has completed the D3 round of financing, led by Cathay Capital (凯辉基) with the participation of a sub-fund of NIO capital (蔚来资本) and Shenwan Hongyuan (申万宏源).
Founded in 2013, MINIEYE is a Shenzhen-based company providing artificial intelligence solutions for autonomous driving. The company focuses on improving the automation degree and reducing accident rates by guaranteeing the safety of drivers and passengers. It has bagged a total of nearly 100 mass production projects. In 2021, its shipment of intelligent driving products exceeded 400,000 sets.
Its advanced driver assistant systems are designed to meet the needs of automotive original equipment manufacturer customers, including computer vision algorithms and customized development services. The company's D Round Finaning has totaled CNY 800 million equivalent to USD 120.4 million.
The company stated that the funds raised in this round will be mainly used to consolidate its leading position in China's intelligent driving market. This fund will expand the core technology stack and accelerate the R&D process of high-level autonomous driving solutions to adapt the mass production process.
MINIEYE has reached cooperative arrangements with over 40 automobile manufacturers, including Chinese NEV makers NIO and Hozon Auto, as well as leading traditional automobile companies like Geely and BYD. Some of the company's main competitors include Genius Pros (光珀智能), Arbe Robotics (NASDAQ: ARBE 阿尔贝机器人), TORC Robotics (OTCMKTS: DTRUY), and CYNGN (NASDAQ: CYN).