- Momenta and Grab have formed a strategic partnership to advance the adoption of autonomous driving technology in Southeast Asia.
- Momenta is advancing the R&D of its robotaxi technology and moving toward commercial fleet operations.
Chinese autonomous driving startup Momenta has received strategic investment from Grab (NASDAQ: GRAB), becoming the latest Chinese company backed by the Southeast Asian super app after WeRide (NASDAQ: WRD).
Momenta announced the investment in a statement today, without disclosing the specific amount.
Grab is a diversified super app in Southeast Asia integrating ride-hailing, food delivery, and digital payments.
The strategic partnership will jointly advance autonomous driving technology adoption in Southeast Asia, focusing on delivering self-driving services in densely populated urban environments with complex road conditions, Momenta said.
Momenta is collaborating with automakers including Mercedes-Benz and BMW to equip their mass-produced vehicles with driving assistance systems.
At the same time, the company is advancing the R&D of Robotaxi technology and moving toward commercial fleet operations, it said.
Unlike industry robotaxi solutions, Momenta repurposes mass-produced vehicles for its robotaxi business, employing a unified software algorithm architecture and sensor solution for both L2 and L4 systems.
This strategy of integrating L4 autonomous capabilities into mass-produced vehicles creates an integrated solution that can be deployed without costly retrofitting, Momenta said.
Headquartered in Suzhou, a city neighboring Shanghai, Momenta was founded in 2016. One of its co-founders, Ren Shaoqing, joined Nio (NYSE: NIO) in August 2020 to lead its smart driving R&D.
Momenta's business spans China and multiple international markets including Germany, Japan, and the US. It has secured strategic investments from SAIC Motor Corp (SHA: 600104), General Motors, Mercedes-Benz, Toyota, and Bosch, according to its website.
In May this year, the company entered into a robotaxi partnership with US ride-sharing giant Uber Technologies (NYSE: UBER).
Momenta is another Chinese robotaxi company invested in by Grab.
WeRide announced on August 15 that it secured a multi-million-dollar equity investment commitment from Grab to accelerate its expansion in Southeast Asia.
