Driver Assistance Solution Firm Minieye Hauls in Extra Cash
What’s new: Shenzhen Minieye Technology Co. Ltd., a Chinese startup which develops intelligent driving solutions including surround sensors and fatigue monitors, has raised 800 million yuan ($120 million) in a series D funding round, reflecting growing investor interest in an industry that touts huge economic opportunities.
Minieye completed the financing in three stages, with the last tranche led by Cathay Capital, an international investment firm that manages $4.5 billion worth of assets, according to a Monday statement (link in Chinese).
The first and second tranche took place in July 2021 and February this year, drawing in investors including Cicc Alpha Investment Management, Dongfeng Asset Management, and the China Development Bank Manufacturing Transformation and Upgrading Fund.
The fresh capital will be used to accelerate development and commercialization of its high-level self-driving solutions, Minieye said.
The background: The round’s completion came five months after Minieye forged a partnership with Beijing-based artificial intelligence chip firm Horizon Robotics Inc. to widen the commercial use of advanced driver-assistance systems in passenger and commercial vehicles.
Since its inception in 2013, Minieye has built business ties with more than 40 automakers including Nio, Geely and BYD.
Contact reporter Ding Yi (firstname.lastname@example.org) and editor Heather Mowbray (email@example.com)
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