In 2017, Momenta received a $46 million Series B investment led by NIO Capital, the venture capital arm of NIO.
(Image credit: Momenta)
Chinese self-driving unicorn Momenta announced Thursday that it has closed a Series C+ round of more than $500 million, bringing its Series C funding to more than $1 billion, the largest funding round in China's self-driving sector so far this year.
Lead investors in the round include Chinese strategic investor SAIC Group, and international strategic investors General Motors, Toyota, Bosch Group, Temasek and Yunfeng Fund.
Other investors participating in the Series C round include Mercedes-Benz, IDG Capital, GGV Capital, Shunwei Capital, Tencent and Cathay Capital.
Momenta looks forward to working with global customers to build driverless products that can be scaled up, said the company's CEO Cao Xudong.
On September 24, General Motors had announced a $300 million investment in Momenta to accelerate the development of next-generation autonomous driving technology for its future models in China.
Momenta was founded in 2016 and received $5 million in Series A funding in November 2016.
In 2017, Momenta received a Series B investment of $46 million led by NIO Capital, the venture capital arm of NIO, with participation from Daimler Group, Shunwei Capital, Sinovation Ventures and Unity Venture.
In March, Momenta announced the closing of its first Series C funding round of $500 million and said its self-driving solutions would be used in models from IM Motors, a joint venture between SAIC and Alibaba.
To date, Momenta has raised about $1.2 billion in cumulative funding.
GM confirms $300 million investment in Chinese self-driving unicorn Momenta