China-based autonomous vehicle software developer Momenta raised an undisclosed amount on Wednesday from investors including internet group Tencent and Nio Capital, the investment arm of electric vehicle producer Nio.
The round valued Momenta at more than $1bn and increased its total funding to $200m. It included private equity firm Pagoda Investment, state-owned holding company China Merchants Group, financial services group CCB International and government funds from Shanghai and Suzhou.
Founded in 2016, Momenta is working on software for autonomous vehicles that uses deep learning technology to process data provided by sensors in order to manage semantic mapping and route planning.
The company has also developed a camera-based safety and fleet management system and a tool that facilitates parking in garages.
Sinovation Ventures, Blue Lake Capital and ZhenFund supplied $5m in series A funding for Momenta in late 2016 before Shunwei Capital invested an undisclosed amount the following year.
Momenta subsequently closed a $57m series B round backed by Nio Capital, automotive manufacturer Daimler, Shunwei, Sinovation, GGV Capital, Unity Ventures, Cathay Innovation, Sequoia Capital China and Hillhouse Capital in October 2017.
Xudong Cao, chief executive of Momenta, said: “This round of funding has strategic importance to the company. Momenta will continue to work closely with its strategic partners in automotive, logistics, big data and other related areas.”
