Autonomous Driving Solutions Provider Hong Jing Drive Completed Series B Financing

Automotive Author: Mu Li Editor: Ziying Wu Nov 29, 2022 12:07 PM (GMT+8)

Hong Jing Drive, an autonomous driving system solutions provider and software developer, raised hundreds of millions of CNY from series B financing. This investment will be used primarily for the R&D of new products and production capacity expansion.

Hongjing Drive

Recently, Hangzhou Hongjing Drive Technology Co., Ltd. (Chinese: 宏景智驾) (hereinafter referred to as Hong Jing Drive) completed series B financing of hundreds of millions of CNY, led by CITIC GoldStone Fund Management (Chinese: 中信金石) and followed by Bojiang Capital (Chinese: 博将资本) and CCB Investment (Chinese: 建信投资). The funds raised will be used for the R&D of new products and production capacity expansion for the company.

Founded in 2018, Hong Jing Drive aims to develop comprehensive autonomous driving system solutions integrating software development and hardware design. The company's team members come from well-known North American OEMs such as GM, Delphi Automotive and from tech companies including Tencent, Huawei, and Baidu. Currently Hong Jing Drive owns a team of around 500 people, with R&D personnel accounting for over 85%.

Hong Jing Drive was one of the first companies in this industry which had gone through a major transformation from applying L4 autonomous driving technology, to mass production of advanced driver assistance systems (ADAS) products. After three years of development, the company is able to provide ADAS solutions which incorporate both hardware and software, integrate smart driving and smart parking scenarios, and cover passenger cars and commercial vehicles.

When commenting on this financing event, CITIC Goldstone stated that Hong Jing Drive has gained the trust of its partners along the industry chain due to its dedication and technological accumulation. CITIC Goldstone expects to observe Hong Jing Drive's robust and significant growth in future mutual collaborations.