Uisee Technology, a China-based autonomous mobility technology developer backed by industrial equipment manufacturer Robert Bosch, has secured over RMB1bn ($154m) from investors including a Chinese state-sponsored fund, 36Kr reported today.
National Manufacturing Transformation and Upgrade Fund, which is backed by various Chinese government entities including China’s Ministry of Finance, China Development Bank Capital Corporation and China Tobacco, was joined in the round by unnamed investors from the mobility sector.
Founded in 2016, Uisee is working on artificial intelligence-powered driverless cars and software that will be applied in on-demand ride hailing and logistics. Its lead product is the cloud-based U-Drive software platform, which utilises an AI-equipped driving controller and driving simulation system.
The company said its products are used in unmanned logistics vehicles, passenger cars and microbuses. It will use the funding to boost research and development efforts and improve its monetisation scheme.
Uisee had raised an undisclosed amount of series B funding in February 2020 from Robert Bosch’s corporate venturing unit, Robert Bosch Venture Capital, and backers including Shenzhen Capital and China International Capital Corporation. ZhenFund is among its earlier shareholders.
China Development Manufacturing Transformation and Upgrading Fund said: “As a key high-tech company based in Beijing, Uisee Technology has clear advantages in the core technologies of autonomous driving software and hardware, and the application potentials in multiple scenarios such as airports, parks, public transport and robotaxi.” (Translated from Chinese by Global Corporate Venturing)
