Chinese autonomous driving startup Momenta said on Friday it has received $500 million from SAIC Motor, Toyota Motor and auto parts supplier Bosch, as the global auto industry pursues the autonomous future.
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Other investors in the funding round include Daimler AG, Temasek, Yunfeng Capital and Tencent, Momenta said in a statement. It did not disclose the valuation.
The four-year-old firm, led by Cao Xudong, a former Microsoft executive, is testing autonomous cars in Beijing and China's eastern city of Suzhou, and has a research centre in Germany's Stuttgart.
Momenta is working with automakers to develop mass-production vehicles with self-driving functions to gather real-time data for the fully autonomous driving technologies for future products. Data is a key part of the self-driving industry which enables companies to improve their technologies in different environments.
Momenta will expand its workforce and gather more data to improve future technologies, it said.
