Shenzhen-based autonomous driving solutions provider AIdriving (Zhongtian Anchi) has closed its Series C round collecting RMB 100 million (USD 14.4 million) from a China fund of SBI Holdings, which was known as Softbank Investment before 2005, 36Kr has learned.
Founded in 2013, AIdriving provides various advanced driving assistance systems (ADAS), driver status monitor (DMS) systems, and cloud platforms to enable more than 300,000 vehicles in China to have different levels of automation.
Its clients include bus manufacturer Yutong, truck maker Dayun, couriers ZTO Express, and STO Express. The company has made more than RMB 100 million (USD 14.4 million) in revenue and over RMB 10 million (USD 1.4 million) in net profits each year in 2019 and predicted to double its revenue this year, according to 36Kr, without offering further details.
AIdriving will use the new funds to develop ADAS, DMS, and Internet of Things products and to expand in commercial vehicle sector.
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.