Autonomous driving startup iMotion closes C-round investment
Beijing (Gasgoo)- China’s startup autonomous driving solution provider, iMotion, announced the completion of the company’s C-round of financing worth hundreds of millions of RMB, led by a mixed ownership reform fund of a special commission of the China State Council.
Photo credit: iMotion
The China State-owned Enterprises Mixed Ownership Reform Fund, set up to facilitate the mixed-ownership reform of its state-owned enterprises (SOEs), and raised RMB70.7 billion in phase one of its RMB200 billion ($30.56 billion) overall scale.
The funds will upgrade the company’s supply chain, expand production, new product R&D, and build autonomous driving team. Founder and CEO of the company, Song Yang, said iMotion is currently developing a new-generation integrated domain controller for navigation ADAS and parking system. The company is in dire need of promoting its market acceptance rate and enhancing market occupancy.
As of now, iMotion has received four rounds of investments from investors, including China’s intelligent automaker Li Auto, and state-owned ventures like CCB International and the China State-owned Enterprises Mixed Ownership Reform Fund.
Founded in 2016, iMotion is an AI high-tech company providing automated driving system solutions for OEM customers. The company is competent in core algorithms and hardware/software development, system design and validation, providing full-stack R&D capabilities for L2-L4 automated driving solutions.
Since its establishment, iMotion has received mass production orders from five automakers in China, including Dongfeng Motor, SAIC GM Wuling. In September, the company started to produce L2++ ADAS assembly for ZEEKR, with over 100,000 units yearly. The company will also provide L2 ADAS assembly for WM Motor’s first sedan, the E5.
In addition, automotive tech developers, such as Mobileye, DFKI, and TÜV SÜD, are partners to iMotion.
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