China-based autonomous driving technology developer HoloMatic has raised an eight-figure dollar sum from investors including media group Bertelsmann and location data provider NavInfo, China Money Network has reported.
The funding consisted of a series A round led by venture capital firm Sequoia Capital China that included VC group IDG Capital and investment group China Oceanwide while Bertelsmann invested through its Bertelsmann Asia Investments unit.
Founded in 2017, HoloMatic has developed a system that uses artificial intelligence technology to enable driverless cars to find and enter parking spaces. The series A capital will fund research and development for other autonomous driving products.
The company had previously received an undisclosed amount of seed funding from investors including Bertelsmann Asia Investments, NavInfo, smart transportation technology producer Zhixing Technology and IDG Capital in October 2017.