Yihang.ai, a China-based autonomous car developer backed by electric vehicle manufacturer CHJ Automotive, has raised RMB220m ($32m) in a series B round, China Money Network reported yesterday.
CICC Jiacheng Investment, a subsidiary of investment bank China International Capital Corporation, led the round, which also featured CICC Alpha, another one of the bank’s subsidiaries, Source Code Capital and Matrix Partners China.
Founded in 2015, Yihang.ai is working on autonomous vehicles. Its first production model is set to be launched in June 2019. The company has not confirmed what it intends to do with the series B funding.
CHJ Automotive and Future Capital provided an undisclosed amount of angel funding in 2016, followed by a series A round of undisclosed size supplied by Matrix Partners China and investment firm Chinity Holdings in 2017.
Wang Huadong, partner of Matrix Partners China, said: “Matrix Partners pays close attention on the intelligent transformation of the automobile travel industry, and has made investments in the fields of new energy vehicle manufacturing, core components and travel services.
“Yihang.ai has achieved good results in both R&D and commercialisation. We believe that autonomous driving is not only an inevitable trend, but also the core of efficient operation of vehicles and continuous optimization of passenger experience.”