Smart cars

China’s leading autonomous driving company, Momenta, receives new funding of over $1 billion

Momenta, the autonomous driving company, has recently announced that it has secured a new round of funding from strategic investors and government funds at a valuation of over $1 billion.

Existing investors NIO Capital and Pagoda Investment increased their investments. Strategic investors included Tencent, China Merchants Group, CCB International, and government funds from Shanghai and Suzhou participated in this round of funding.

“This round of funding has strategic importance to the company,” commented the Momenta CEO Xudong Cao, “Momenta will continue to work closely with its strategic partners in automotive, logistics, big data and other related areas.”

Momenta was founded in September 2016, and builds intelligent systems for autonomous driving, aiming to provide solutions for Tier 1 suppliers and OEMs (Original equipment manufacturers).

Earlier in 2018, Momenta formed a strategic partnership with the government of Suzhou. The company will deploy a large-scale test fleet to accelerate its Level 4 autonomous driving development and support the government in building smart transportation systems.

It is predicted that China will be one of the first adopters of autonomous driving technology.