Hongjing Drive nabs hundreds of millions of yuan in Series B round

Beijing (Gasgoo)- China’s autonomous commercial vehicle solution developer Hongjing Drive announced on Nov. 28 it has completed its Series B financing round, which raised for the company several hundred million yuan. 

Photo credit: Hongjing Drive

The round was led by CITIC’s Goldstone Investment, and joined by many other investment agencies. Earlier in February, Hongjng Drive bags over one hundred million yuan from Prosperity7, a venture capital fund of Saudi Aramco.

According to Hongjing Drive, the capitals raised in the B round will help the company strengthen its R&D as well as expand its product lineup and production capacity. 

Hongjing Drive holds comprehensive R&D capability in intelligent driving software algorithm and high-level domain control hardware. The company has created full-fledged mass-produced L2 ADAS products and L2+ drive/park integrated system products. 

Up to now, the company has attracted several procurement projects from SAIC Motor, Great Wall Motor, BYD, HOZON Auto, Chery Auto, and other leading car manufacturers in China, providing services from software, hardware, to system integration.

In order to ensure a stable and efficient product delivery, Hongjing Drive has built two factories in Hefei and Shanghai, and the latter has been put into operation recently with an annual single-line production capacity of more than 300,000 set of products. The Shanghai Jinshan Factory is mainly used to produce the company’s various types of intelligent driving domain controllers, and is expected to start the second-phase construction soon.