China-based autonomous driving sensor developer Minieye has closed a RMB270m ($40.2m) series C round that included mapping technology provider NavInfo.
Harvest Fund and venture capital firms Oriental Fortune Capital and Vision Plus Capital also participated in the round.
Minieye has created a sensor system that uses artificial intelligence to detect objects such as pedestrians, road signs and other cars in addition to free space around a vehicle. The company also provides data that helps NavInfo, its original investor, to keep its maps updated.
The series C funding will go to upgrading Minieye’s supply chain capabilities to ensure it can keep up with demand for its products, which have been in mass production since 2018. It will also support ongoing research and development activities
NavInfo led a series B round of undisclosed size for the company in April 2019 that also featured VC firm Zhejiang Zheshang, taking the company’s funding in the six months leading up to that point to $20m.
Conglomerate Zhejiang Jiaxin Development Company and ZTE VC, an investment vehicle for telecommunications and information technology producer ZTE, had joined VC firm Puhua Capital to supply an undisclosed amount for Minieye in early 2018.
