Internet group Baidu has led a RMB1.3bn ($194m) series A round for China-based intelligent driving technology developer ECarx, the latter disclosed yesterday in a WeChat post.
The round included SIG Asia, a corporate venturing vehicle for quantitative trading firm Susquehanna International Group, and the cash was raised at a valuation of almost $1.5bn. The company has not disclosed details of its earlier financing, but its shareholders include automotive manufacturer Geely.
ECarx produces chips for in-car systems and high-definition mapping and smart driving software, in addition to a big data-equipped ‘internet-of-vehicles’ platform called GKUI Smart Ecosystem which was initially built for use in Geely’s cars.
The company had already formed a strategic partnership with Baidu’s autonomous vehicle technology subsidiary, Baidu Apollo, in July 2019, to collaborate on technology such as voice-controlled electronics and in-car mapping systems.
ECarx plans to put the series A proceeds into research and development activities as it looks to improve its map and autonomous driving software.
The company is also eyeing international growth, and intends to establish a European R&D centre by the end of this year, with the aim of building out products for the European and American markets.
