China-based autonomous driving technology producer Freetech has raised $100m in a series A round featuring Dongfeng Bocom Yuanjing Motor Investment Fund, a vehicle formed by automotive manufacturer Dongfeng Motor, DealStreetAsia reported yesterday.
The round was led by the Chinese state-owned China Internet Investment Fund, while venture capital firm Hua Ventures and private equity fund Hunan Wukuang also took part.
Freetech provides hardware products for advanced driver assistance systems including radar and light detection and ranging (lidar) sensors, vehicle-mounted cameras and control units.
The company has partnerships in place with consumer electronics producer Sony and semiconductor technology providers Horizon Robotics and Texas Instruments. The funding will enable it to speed up the commercialisation of its autonomous driving technology.
The round came after Freetech received an undisclosed sum in a 2016 seed round featuring travel agency Pegasus Travel, Jinshajiang United Capital and Industrial Guoxin Asset Management, according to 36Kr, which cited information on business data platform Tianyancha.
Gaopeng Capital provided an undisclosed amount of series A funding for the company in January 2017, before Shuanglin and Industrial Asset Management took part in a series A-plus round of undisclosed size in October that year.