Momenta lands biggest investment in China’s autonomous driving field, worth over $1 billion

Beijing (Gasgoo)- China’s autonomous driving startup Momenta has closed its C+ round of financing worth over $500 million, concluding the largest financing movement in China’s autonomous driving development history.   

Photo credit: Momenta

Major auto players, including SAIC Group, General Motors, Toyota, Bosch, led the latest investment. Other participants of the entire C round include Mercedes-Benz, IDG Capital, GGV Capital, Xiaomi-backed Shunwei Capital, Tencent, and Cathay Capital, the startup disclosed.

Plus Momenta’s $500 million worth of C-round investments completed in March this year, the startup has accumulated over $1 billion of fundings in eight months. Since its establishment, Momenta has banked at least $1.2 billion in total.

Photo credit: Momenta

The fundings will be put towards accelerating applications of the company’s autonomous driving solutions, said Cao Xudong, CEO of Momenta.

Notably, Zhang Peng, CFO of Momenta, told a local media outlet that the recognition from the auto giants who invested in the company was far more valuable than money. The appreciation towards Momenta’s technology means that the said automakers are willing to send orders their way and trust the company to co-develop autonomous driving products.