Changsha Intelligent Driving Institute (CiDi), a China-based intelligent vehicle technology developer backed by internet group Baidu and conglomerate Legend Holdings, has raised more than RMB 400m ($62m) across two funding rounds last year, DealstreetAsia reported.
The new funding consists of a series A-plus-plus round which closed on over $15m in August and an undisclosed amount secured from a recent investment.
Investment firm Xin Ding Capital led the new funding and was joined by other China-based investors including Founder Securities’ subsidiary Founder H Fund.
CiDi was founded in 2017 and is developing technology used in intelligent commercial vehicles and other related products.
The company has claimed to have developed unmanned and remote-controlled mining trucks, intelligent city busses and mass-produced vehicles capable of interacting with other devices.
CiDi will use the new funding to improve the preparation of its product development and expand its product delivery capabilities in 2021.
Legend Holdings and Baidu have previously backed CiDi through their respective corporate venturing vehicles Legend Star and Baidu Ventures.
Other investors in the company include venture capital firms Sequoia Capital China and Ebzy Capital.