On May sixth, it was reported by 36Kr that Mogo Auto, an organization providing autonomous driving expertise and operation providers, has efficiently raised 580 million yuan ($83 million) in C2 spherical financing. The buyers concerned in this funding spherical embrace Chengdu Science and Technology Investment Group, Zhuhai Haidou Science and Technology Investment Group, Tencent, in addition to auto finance agency Yixin Group. This important quantity of funding is noteworthy given the present downturn in financing for the autonomous driving business in China.
Based on incomplete statistics, China’s autonomous driving business acquired 124 investments in 2021, totaling over 76 billion yuan in disclosed financing. However, in 2022, though the variety of investments remained virtually the identical, the financing quantity dropped considerably to solely 20.5 billion yuan. This means that the autonomous driving business is experiencing a shift in direction of extra rational improvement and away from speculative bubbles.
Mogo Auto, established in 2017, has independently developed an L4 stage autonomous driving system. The firm has launched a standardized product package deal for autonomous driving providers and acquired orders from varied industries, together with digital transportation, clever related automobiles, and vehicle-road coordination.
Mogo Auto reviews that its answer has been adopted in over 10 provinces and cities, with contracts totaling greater than 11 billion yuan. However, Mogo Auto’s strategy has been met with controversy resulting from its reliance on authorities funding throughout the early phases of improvement, making it weak to coverage modifications.
SEE ALSO: BYD Chairman Wang Chuanfu Criticizes Autonomous Driving
The firm has greater than 1000 staff, with over 70% of them being technical personnel. The technical experience is derived from main expertise corporations like Google, Microsoft, Huawei, Baidu and Tencent. Additionally, the corporate owns over 900 patents.
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