China-based autonomous vehicle technology developer Jimu Intelligent has collected RMB100m ($14.8m) in a series B round that featured conglomerate Hyundai Group, China Money Network reported on Friday.
Venture capital firm TransLink Capital led the round, which also included VC fund Optical Valley Talents, investment firm Chentao Capital, HGC Investment and Yucheng Investment Fund.
Founded in 2011, Jimu has developed a system that uses artificial intelligence technology to enable driverless cars to detect other vehicles, lanes and pedestrians.
The company’s technology also provides automatic emergency braking, cruise control functions and can warn drivers of their drowsiness by using a camera to read changes in head, face and eyelid movement.
Jimu has partnered commercial vehicle makers Higer Bus and Xiamen Goldnen Dragon Bus to develop its technology.
In 2017, HGC Investment and investment firm Rongcheng Licheng Investment backed the company’s $6m series A round, following an undisclosed amount of angel funding raised by Jimu from Optical Valley Talents Investment Fund in 2015.