MINIEYE, a Chinese company concentrating on developing sensing systems for autonomous driving, recently announced the completion of its Series B financing. This series of financing was strategically led by NavInfo fund and co-invested by Zhejiang Zheshang capital while original investors continued to increase their holdings.
In the latest six months, MINIEYE raised $20 million in total, which will be used to further boost MINIEYE’s leading advantage in the industry, increase the market share and maintain a steady cash flow during business expansion. Meanwhile, the funding will help MINIEYE to focus on the research of L2+ autonomous driving products and speed up their mass production.
Liu Guoqing, founder and CEO of MINIEYE, believes the autonomous driving industry has moved to a “speed-up” phase as synergy will become a new trend. To have a higher probability of success, a company needs to exploit more resources by giving full play to its advantages and open up industrial value chain while maintaining its competitiveness of product and technology. This series of financing will allow MINIEYE to obtain many strategic resources.
As leading location services provider in China, NavInfo has structured a business layout around navigation map, connected vehicle service, autonomous driving, chips and location big data. The comprehensive industrial distribution directly helps MINIEYE to gain a larger market share. Moreover, MINIEYE will cooperate with NavInfo on HD maps and chips for autonomous driving.
“NavInfo has dedicated itself to serving automotive industry for more than 10 years. We deeply understand that keeping a foothold in the pre-install market needs not only innovation, but also excellent products and technological accumulation. By establishing its advantages in data, algorithms and sensor fusion, MINIEYE gradually realises the commercialisation of autonomous driving products and wins recognition of OEM clients,” said Bi Lei, SVP of NavInfo.
“We hope the cooperation can realise strategic synergy effect. In both passenger and commercial vehicles, NavInfo’s HD maps, NI Horizon, CVS and intelligent sensing products can improve MINIEYE’s technological ability. Meanwhile, MINIEYE’s sensing solution helps to supplement the autonomous driving data ecology of NavInfo, hence promoting the commercialization of autonomous driving production solution.”
MINIEYE also said that their L2-L3 autonomous driving products will be released within the year.