Beijing (Gasgoo)- China's intelligent driving and mobility solution developer, MAXIEYE, completed its Series-B round of financing with RMB300 million ($47.05 million) raised, led by Desay SV, according to the company.
Photo credit: MAXIEYE
Participants of the series include the capital fund from People's Daily Online, the Shanghai Free Trade Zone, and Yonghua Capital. The startup's previous investor, Xingyu Car Light Company, also added its investment in the latest round.
MAXIEYE will use the funds to implement mass-production and commercialization of its intelligent driving products for both commercial and passenger vehicles. The R&D of the company's advanced autonomous driving sector will also benefit from the investments.
As of now, the company has raised sufficient fundings from multiple capitals in various fields, accelerating its application of ADAS and autonomous driving technologies.
Founder and CEO of MAXIEYE, Zhou Shengyan, said that "the L2 ADAS system has the most market demands among all levels of autonomous driving technologies". The company intends to accumulate experiences from the current broad market applications and gradually move up to a more advanced field of autonomous driving technologies.
The said market approach explained the company's newly launched MAXIPILOT® 1.0 intelligent cruise control ADAS product for passenger vehicles.
Photo credit: MAXIEYE
According to the company, this is also the first self-developed visual perception and full-stack planning/control-based L2 ADAS product in China, allowing OTA and intelligent parking functions. The MAXIPILOT® 1.0 offers smooth operation experiences at a low cost, making it applicable to the majority of the vehicles on the market (RMB100,000-150,000/ $15,000-23,000 class).
Currently, the MAXIPILOT®1.0 is carried by two domestic automakers' vehicles, waiting for mass production. The company also disclosed several ongoing projects with multiple passenger vehicle manufacturers, with mass production scheduled next year. In addition, its automated NOP product, the MAXIPILOT®2.0, is also in the final phase of development and will be ready for mass-production in 2022.
