Nio Capital, the strategic investment arm of electric vehicle developer Nio, led a $57m series B round for China-based autonomous driving technology startup Momenta on Monday.
Automotive manufacturer Daimler also invested in the round, as did venture capital firms GGV Capital and Sinovation Ventures, and VC funds Shunwei Capital, Unity Ventures and Cathay Innovation, the VC arm of private equity firm Cathay Capital.
Founded in September 2016, Momenta is developing deep learning software that will include high-definition semantic mapping and big data-equipped path planning. It also intends to supply big data products and services.
The series B round reached a $46m first close in July this year, and included Sequoia Capital China and Hillhouse Capital, China Money Network reported at the time.
Xudong Cao, Momenta’s CEO, said the funding would be used to further develop its artificial intelligence, big data and big computation technology, to commercialise its technology, and for research and development.
Momenta had received $5m in a November 2016 series A round featuring Sinovation Ventures, VC firm Blue Lake Capital and VC fund Zhen Fund, before securing an undisclosed sum from Shunwei Capital in a series A-1 round that closed earlier this year.