China-based autonomous driving technology developer Momenta raised $500m yesterday in a series C-plus round featuring automotive manufacturers SAIC Motor, General Motors, Toyota and Mercedes-Benz, industrial technology manufacturer Bosch and internet group Tencent.
Singaporean state-owned investment firm Temasek, Yunfeng Fund, IDG Capital, GGV Jiyuan Capital, Shunwei Capital and Cathay Capital also took part in the capital injection, which includes a $300m investment from General Motors in September this year. The company said its cumulative series C financing has exceeded $1bn.
Momenta has developed technology that uses deep learning software to analyse sensor data in cars and optimise their autonomous driving capabilities, providing comprehensive route planning and prediction.
The company receieved $500m in a March 2021 series C round co-led by Temasek and Yunfeng Capital with participation from Bosch, Tencent, Toyota, Mercedes-Benz, SAIC Motor, Cathay Capital, GGV Capital and Shunwei Capital.
Tencent and Nio Capital, the venture capital firm formed by electric vehicle producer Nio, invested in a round of undisclosed size for Momenta in 2018 valuing it at $1bn. The round included Pagoda Investment, China Merchants Group, CCB International and government funding from the municipalities of Shanghai and Suzhou.
Nio Capital had led a $57m series B round for the company in 2017 with backing from Mercedes-Benz parent Daimler, Sinovation Capital, GGV Capital, Shunwei Capital, Unity Ventures and Cathay Capital subsidiary Cathay Innovation. It followed a $5m series A investment from Sinovation Ventures, Blue Lake Capital and ZhenFund in 2016.