Autonomous driving developer PhiGent Robotics completes 2nd settlement of Series A

Beijing (Gasgoo)- Beijing-based autonomous driving solution provider, PhiGent Robotics, announced the completion of the second settlement of its Series A financing round.

Photo credit: PhiGent Robotics

The latest transaction was jointly led by Shenzhen Capital Group and Houxue Fund, with its existing shareholder, GSR Ventures, increased its investment.

The company completed the first settlement of $30 million led by INCE Capital in three months ago.  

Notably, PhiGent Robotics has completed four investment rounds since its establishment of less than a year long.

As a young startup, PhiGent Robotics’ core team gathered talents from top artificial intelligence algorithm, software, and chip companies, as well as major automakers and Tier 1 suppliers in or out of China. As of now, its team has expanded to 200 people and is still growing. The company has set up R&D and service centers in Beijing, Shanghai, Hangzhou, and Suzhou.

With the support of its new investor, Shenzhen Capital Group, the company aims to accelerate its deployment of South China R&D and sales service centers in Shenzhen.

Currently, the company has landed several mass production procurement orders from major automakers. Autonomous driving solutions capable of safe high-speed pilot functions will be successively delivered in the third and fourth quarter of 2022.