China’s Mogo Auto bags 580 million yuan in C2 financing round

Shanghai (Gasgoo)- Mogo Auto, a Chinese autonomous driving technologies and operation services provider, recently announced the completion of its C2 round of financing, which raised for the company 580 million yuan.

Investors involved in the fresh round include Chengdu Capital Group Co., Ltd., Tencent, and Yixin Group, etc.

Upon completion of the aforesaid round, Mogo Auto has seen its market valuation lift to 3 billion US dollars.

Mogo Auto's pre-installed self-driving bus; photo credit: Mogo Auto

Mogo Auto said it has independently developed the industry's first "vehicle-road-cloud integration" autonomous driving system with full-stack L4 autonomous driving capability. Its core products include standardized digital road AI base stations, standardized autonomous driving vehicles, and a standardized smart transportation cloud platform. The system can be rapidly deployed on open city roads, highways, and other scenarios to provide intelligent vehicle-to-infrastructure (V2I) services for L0-L4 autonomous driving vehicles.

To meet the different application needs of the terminal market, Mogo Auto has developed a standardized autonomous driving vehicle lineup with multiple categories and types, including taxis, buses, large-scale sweeping vehicles, and small-sized functional vehicles. They can be used in such scenarios as public transportation, shuttle services, sightseeing, environmental sanitation, security, and retail.

Currently, the company's "vehicle-road-cloud integration" technology and standardized products have been applied in 18 provinces including Beijing, Hunan, Yunnan, Shandong, Hubei, Jiangsu, Sichuan, and Guizhou, to support the construction of city-level intelligent transportation and vehicle-to-infrastructure (V2I) based autonomous driving smart scenic spots. Their application scenarios encompass open city roads, highways, parks, scenic spots, airports, etc., with a total signed contract amount exceeding 11 billion yuan so far.