Shenzhen-based autonomous driving startup MiniEye secured a Series D1 round for an undisclosed amount from lead investors CICC Alpha and Dongfeng Asset Management, with existing shareholders Harvest Fund and Vision Plus Capital.
Founded in 2014, MiniEye has gradually developed its L1 to L2+ autonomous driving solutions, offering pre-installed assisted driving and parking solutions to customers including Dongfeng Motor Corp, Geely, SAIC Motor, and BYD.
The company delivered 230,000 units of its assisted driving devices in the first half of this year, with a target of 500,000 units for the full year of 2021, compared to 170,000 for the entirety of 2020, founder and CEO Liu Guoqing said.
MiniEye is looking to commercialize solutions for low-speed autonomous driving scenarios like parking, putting the firm up against competitors like ZongMu Technology, which raised USD 190 million in a Series D round recently, as well as Dongfeng-backed Freetech. Liu says the funds will go towards developing technology as well as improving production capacity and cost control. As competition between autonomous driving software providers heats up, mass production capabilities will distinguish leaders in the sector, he said.
“MiniEye has expanded its market share through its ‘pre-installation and mass production’ strategy, as it continues to refine its perception and decision-making technologies. The company has already won contracts with some of China’s largest original equipment manufacturers,” said CICC Alpha’s chairman and managing director, Liang Guozhong.
The latest raise builds on a RMB 270 million (USD 41.7 million) Series C round closed in October 2020 from investors including Harvest Fund, Vision Plus Capital, and Oriental Fortune Capital.
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KrASIA Connection features translated and adapted content published by 36Kr. This article was originally written by Wang Yijin for 36Kr.