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Minieye, an autonomous-driving software developer based in China, announced on April 9 that it completed its Series B financing and received hundreds of millions of credit lines That means that Minieye has generated more than $20 million in financing in the past six months.
Taking the lead in the funding through its subsidiary fund was NavInfo, a China-based tech company and the country’s leading locations services provider. Co-investment came from Zheshang Venture Capital, while original investors increased their holdings.The company plans to use the capital to up its market share and maintain a steady cash flow as it continues expanding. The new funds will also go toward research of its L2+autonomous driving products and hasten their production.
Founded in 2013, Minieye develops visual-perception systems for vehicles allowing for onboard cameras to scan the roads for other cars, lanes, pedestrians and traffic lights and signs.
NavInfo will begin working with Minieye as a strategic partner by cooperating on high-definition maps and chips for autonomous driving. It will also develop a business layout with Minieye to focus on navigation maps, connected-vehicle service, autonomous driving, chips and location big data.
“Minieye’s achievements are admirable,” Bi Lei, senior vice president of NavInfo said in a press release. “By establishing its advantages in data, algorithms and sensor fusion, Minieye gradually realizes the commercialization of autonomous-driving products and wins [the] recognition of OEM [original equipment manufacturer] clients.”
Minieye plans to release its L2-L3 autonomous driving products later this year and also follow up with more funding by accelerating its Series B+ financing.
Oscar Gonzalez is a business reporter based in Brooklyn. He has written for CBS, NBC and Wired.