Chinese self-driving startup FABU.AI secures 100 million yuan in Series B+ funding

Shanghai (Gasgoo)- FABU.AI, a Chinese autonomous driving startup, announced on August 19 it has banked 100 million yuan ($15.438 million) in Series B+ funding round from Cowin Capital and DYEE Capital. The proceeds will be used for the deployment of the company's car-road-cloud integrated solution in more scenarios like port transportation and city shuttle service.

FABU.AI's self-driving trucks at Meishan terminal

Notably, the company just closed its Series B funding in late May with hundreds of millions of yuan raised. The round was led by Fortune Capital and also attracted the aforementioned investor DYEE Capital.

Founded in 2017, FABU.AI is dedicated to developing proprietary technology for advanced driver assistance systems and autonomous driving vehicles to usher in a new era of safer roads and intelligent transportation. It focuses on developing the self-driving technology by pouring its engineering resources not only in algorithm optimization, but also in building AI-enabled chips.

The startup started the R&D of port-used self-driving technologies in 2019. Its autonomous trucks were put into routine operation at the Meishan terminal at China's Ningbo-Zhoushan Port in May 2020 and have been stably worked for over one year.

FABU.AI announced in Feb. 2019 the strategic partnerships with China Post and Deppon Express for autonomous package delivery service. Powered by FABU.AI's technologies, delivery trucks of the two logistics giants have so far conveyed over 1 million parcels.

Earlier this week, Chinese self-driving startups QCraft and Neolix announced completion of a $100 million Series A funding and a 100 million yuan plus Series B financing round respectively.