China’s autonomous driving developer Hong Jing Drive secures investment from Saudi Aramco

Beijing (Gasgoo)- On February 21st, China’s commercial vehicle autonomous driving developer, Hong Jing Drive, announced that the company had received over one hundred million yuan of investment from Prosperity7.

Photo credit: Hong Jing Drive

The sole investor of the financing round, Prosperity7, is a venture capital fund of Saudi Aramco. The money will help Hong Jing Drive in product development, recruitment, and production capacity expansion.

According to the company, this marks the third investment round in less than one year, with over one hundred million yuan each time. Hong Jing Drive deemed the investments as a recognition of their development and abilities.

The company has been laying out in the L2 and L2+ ADAS field, as well as the L3+ autonomous driving field.

In the past year, Hong Jing Drive launched the world’s first L2.5 advanced intelligent pilot ADAS solution, based on a China-made AI chip and 8M ultra-high-resolution cameras. By December 2021, the company has produced roughly 100,000 sets of the said solution.

At the 2021 Auto Guangzhou, Hong Jing Drive and JAC Motor introduced a drive/park integrated intelligent pilot solution dedicated to fossil-fueled vehicles.

As to the autonomous driving aspect, Hong Jing Drive unveiled its L3 trunkline logistics dedicated digital intelligent heavy-duty truck, the HyperTruck One, at the Gasgoo China Commercial Vehicle Autonomous Driving Conference 2021. The truck adopts Hong Jing Drive’s self-developed full-stack autonomous driving software and algorithms, with upgradeable system architecture.

Additionally, Hong Jing Drive plans to cooperate with major automakers for improved L2.5 ADAS systems. The company aims to start the mass production process for the said systems in the second half of 2022. In the meantime, the company’s HyperTuck One will also start scaled production and commercial operations within the year.