November, 4th, 2021 (Beijing) – Momenta, a leading AI and autonomous driving technology company, announced the completion of its Series C+ financing of more than US$ 500 million, bringing its total Series C financing to more than US $1 billion.
The leading investors are Chinese strategic investor SAIC Motor, global strategic investors General Motors, Toyota and Bosch, together with well-known investment institutions Temasek and Yunfeng Capital. Other investors participating in the Series C financing include Mercedes-Benz AG, IDG Capital, GGV Capital, Shunwei Capital, Tencent, and Cathay Capital, etc.
Cao Xudong, CEO of Momenta, said, “We are honored to have partnered with many leading global automakers and Tier 1 suppliers for strategic investments. This financing marks a milestone for Momenta. The company's autonomous driving products and R&D capabilities have been recognized by customers around the world. The addition of these partners and capital will help us accelerate the implementation of autonomous driving on a larger scale."
Momenta is a leading autonomous driving company, committed to creating a better future for smart driving through breakthrough AI technology. We have pioneered a unique scalable path toward full autonomous driving by combining a data-driven approach that quickly iterates algorithms – its flywheel approach - as well as a “two-leg” product strategy focusing on both mass-production-ready highly autonomous driving solutions (Mpilot) and a driving solution targeting full autonomy (MSD or “Momenta Self Driving”).
Through the scalable path of "Flywheel L4", Momenta can realize large-scale implementation of autonomous driving more efficiently and quickly, enabling safer, more convenient and efficient future smart driving.
At present, Momenta has established partnerships and strategic investments with many leading global automakers including SAIC Motor, General Motors, Toyota, Mercedes-Benz AG, and Tier 1 suppliers such as Bosch. In the future, Momenta will work closely with industry partners to develop and deploy leading autonomous driving technology suitable for the global driving environment to accelerate the arrival of the era of smart driving.