Momenta, a Chinese self driving start-up, said Friday it had received a total of $500 million from SAIC, Toyota (157.71, 4.07, 2.65%) and Bosch, a German auto parts supplier.
Other participants in the round include Daimler, Temasek, Yunfeng fund and Tencent, momenta said in a statement. Momenta did not disclose the valuation of this round of financing.
Momenta has been founded for four years. It is led by Cao Xudong, a former Microsoft Executive (230.72, – 6.32, – 2.67%). Currently, it is testing autonomous vehicles in Beijing and Suzhou. The company also has a research center in Stuttgart, Germany.
Momenta is working with automakers to develop mass production vehicles with self driving capabilities to collect real-time information to develop technologies for future fully autonomous vehicles. Data is a key part of the autonomous driving industry, which allows companies to improve their technology in different environments.