Robert Bosch Venture Capital, a corporate venture capital vehicle for industrial technology and appliance manufacturer Robert Bosch, invested in China-based vehicular technology developer AutoAI yesterday as part of a $104m series A round.
AutoAI has raised not revealed whether it has raised the full amount, but did state that its investors include mapping technology provider Navinfo, chipmaker MediaTek, internet group Tencent, ride hailing service Didi Chuxing, electronics producer Advantech and Nio Capital, the investment arm of carmaker Nio.
Formed by Navinfo and announced in October 2018, AutoAI is working on what it refers to as internet-of-vehicle (IOV) technology, which utilises an intelligent cloud software platform and big data technology to form a smart in-car system.
AutoAI’s product will incorporate an Android operating system, a telematics device and cloud-based data collection, storage and analysis software that will enable original equipment manufacturers (OEMs) to track the performance of a car in real time.
The system would also enable drivers to access services and content such as parking and refuelling data, traffic and weather information and personalised entertainment.
The company makes use of technology developed by MapBar, the digital mapping technology provider acquired by Navinfo in 2015, and Navinfo subsidiaries FunDi Shanghai and SmartAuto (China) Automotive Information System.
AutoAI chief executive Jing Muhan (pictured) said: “Bosch is a global leader in automotive electronics. Its strategic investment will help AutoAI’s competitiveness and its ability to provide professional IOV services to OEMs.”
Ingo Ramesohl, managing director of Robert Bosch Venture Capital, added: “AutoAI with its strong partners in the mobile and automotive industry is well equipped to play a significant role in the rapidly growing Chinese internet-of-vehicles market.”
Photo courtesy of Bosch.
