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Deepti Sri · · 1 min readReport: Autonomous driving firm Momenta nets $500m from SAIC, others
“Chinese autonomous driving startup Momenta said on Friday it has received US$500 million from SAIC Motor, Toyota Motor, and auto parts supplier Bosch, as the global auto industry pursues an autonomous future,” reported Reuters.
Details:
- Investors including Daimler AG, Temasek, Yunfeng Capital, and Tencent also participated in the financing round.
- The new funds will be used to expand the company’s workforce and gather data to improve future technologies.
Context:
- The company plans to gather real-time data for fully autonomous driving technologies by working with automakers in order to develop mass-production vehicles with self-driving functions.
- Earlier in March 2020, Toyota partnered with Momenta to commercialize automated high-definition mapping technologies in China.
Editing by September Grace Mahino
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