ECARX, an auto tech startup backed by Chinese automaker Geely, has raised 1.3 billion yuan ($194 million) in its series A funding round led by Baidu, increasing its valuation to more than 10 billion yuan.
The proceeds from the financing round, which is also joined by U.S.-based Susquehanna International Group, will be used to develop car chips, high-definition mapping technology and autonomous driving technology, ECARX said in a WeChat post on Monday.
In July 2019, ECARX and Baidu’s Apollo autonomous driving platform signed an agreement to deepen collaboration in Xiaodu In-Car OS, an artificial intelligence (AI)-based IoV solution, voice technology and car-mounted maps.
ECARX also plans to establish a research and development center in Europe by the end of this year, according to the post.
Contact reporter Ding Yi (yiding@caixin.com)
Related: Trending in China: Self-Driving Taxi Service Launched in Beijing, But Can We Drop the Human Drivers?
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