Chinese self-driving startup Uisee has recently secured $150 million in investment from a state-backed fund. The funding round was led by the Yangtze River Industry Fund and marked a major injection of resources for the firm’s autonomous driving program.
This injection of cash will help Uisee continue to develop its self-driving technology and could bring the company one step closer to the realization of a fully autonomous vehicle.
Overview of Uisee
Uisee is a Chinese self-driving startup that designs and manufactures computer vision and machine learning technologies for autonomous driving applications. Established in 2015 and headquartered in Beijing, Uisee has released several products such as the FA-100 series, its autonomous driving platform, with AI sensing and control systems. Last week, Uisee announced that it had successfully raised $150 million from a state-backed fund for its next phase of development.
This injection of funds has been seen as another positive movement towards the advancement of self-driving technology in China. In recent years, Uisee has gained great acclaim domestically and abroad; It was declared a key national high-tech enterprise by the Ministry of Science and Technology in 2018. In 2019 it won the “Best Autonomous Driving Award” at CES Las Vegas 2019, while also becoming one of the first corporate members to join the Autonomous Vehicle Computing Consortium or AVCC.
Uisee also counts several international renowned companies as its partners such as Mobileye (Intel), Didi Chuxing, Autovista Group among others which has enabled them to become one of the most comprehensive industry players when it comes to commercial autonomous driving industry solutions. With this new influx of funds from state investors Uisee plans to use them towards expanding their current operations within China and investing more into their autonomous driving research which may bring us closer to Level 4 or 5 autonomy on a larger scale sooner than expected!
Overview of the state-backed fund
The Chinese self-driving startup Uisee has seen a major influx of capital in the form of a state-backed fund, having secured $150 million from the Central Huijin Fund. The investment was announced on October 21 and is seen as a move to support the rapidly developing autonomous vehicle industry in China.
Central Huijin Fund is an arm of China’s State Council and its contribution will be used to finance Uisee’s research and development for self-driving technology across the country. According to official statements, Uisee plans to use the capital to accelerate the commercialization of its products, expand its autonomous driving technologies, and continue its growth-oriented strategic layout over multiple markets.
The Chinese government has pledged greater resources towards artificial intelligence (AI) related initiatives over recent years with goals set out to become AI leaders by 2030. With this new state-backed fund invested into Uisee, it is likely that we should see even more autonomous vehicles on public streets sooner rather than later. This fund provides not only financial incentive but also further credibility for Uisee’s technologies within China’s burgeoning AI market.
Chinese self-driving startup Uisee raises $150m from state-backed fund
Chinese autonomous driving startup Uisee has raised $150 million from a state-backed fund, boosting its development in self-driving technology. The investment comes at a time when the company is expanding into the automotive market, introducing self-driving solutions for cars, buses, and other commercial vehicles.
Here, we’ll look at the details of this investment and how it will fuel Uisee’s ambitions of being one of the leading players in autonomous driving solutions.
Amount of investment
Chinese self-driving startup Uisee has raised 150 million yuan ($22 million) from the Tianjin Binhai Hi-Tech Industrial Development Zone Fund. The announced investment is expected to aid the company’s development of an autonomous driving system and accelerate its efforts to build a self-driving commercial vehicle business in the Chinese market.
This round follows on the heels of Uisee’s record-breaking Series B financing round in March, raising 650 million yuan ($95 million). That marked the largest single investment into any Chinese autonomous driving startup, according to Tsinghua Holdings Regional Innovation Center (THRIC).
The recent funding will provide much needed capital to Uisee for its solutions in “L4 AGV independent driving and interaction technology, autonomous driving perceptual perception, autonomous full stack solutions and building a complete set of L4 fully autonomous driving platform” according to an official statement released by Uisee.
In addition to aiding its research and development efforts around self-driving technology, this new infusion of capital is also intended for use towards expanding Uisee’s presence in related global markets and investment opportunities in new technologies pertaining to autonomous vehicles.
Terms of the investment
Uisee, a Chinese self-driving startup, has raised $150 million in a state-backed investment round. The capital injection is set to bolster the development of Uisee’s autonomous vehicle technology.
Terms of the investment include an equity investment of $50 million from Zhonghe Capital. In addition, two other state-backed funds are providing long-term debt financing totaling $100 million over three years. The funds will be used to advance Uisee’s research and development projects as well as for potential further investments and commercial operations.
Under the agreement, Uisee has also established a research collaboration with relevant auto and technology companies affiliated to Zhonghe Capital for joint vision fusion technology R&D and product deployment activities. As part of the research initiative, Uisee will actively collaborate with its partners to develop advanced autonomous driving solutions in China focused on deep vision algorithms and device integration. This collaboration is expected to generate innovations that support China’s ongoing push towards establishing the world’s first mass production AV fleet.
Purpose of the investment
The state-backed fund, Orient Unit, invested RMB 1 billion ($150 million) in Chinese self-driving startup Uisee Technology in October 2019, to help the Chinese autonomous vehicle developer strengthen its financial position and become the leader in China’s growing autonomous driving sector.
This investment will help Uisee Technology build out its existing products and explore new business models; increase its research and development capabilities; establish production facilities for testing and global certification; grow its team of engineers, software designers and car companies; attract additional investment from venture capitalists or industry partners; expand marketing operations to reach new markets and customers worldwide; cooperate with technology institutes to carry out key product verification projects; promote global partnerships with major technology companies; boost overall production efficiency through industrial robots and big data.
In addition, this investment aims to reinforce Uisee’s strategic partnership with local governments, encourage close communication between relevant departments on their regional policies related to self-driving technology development. The funding will ensure that Uisee can build upon its successful deployment of Level 4 automated driving solutions across China while pursuit upcoming challenges: transforming into a leading enterprise in the market of smart autonomous electronic vehicles.
Impact of the Investment
Chinese self-driving startup Uisee recently secured a $150m investment from a state-backed fund. This investment is set to provide the company with an additional boost to its self-driving technology. It’s an exciting development as Uisee has been seen as a promising startup in the autonomous vehicle space.
In this article, we will discuss the implications of the investment and what it could mean for the future of the self-driving industry.
Impact on Uisee’s self-driving technology
The recent investment in Chinese self-driving startup Uisee by a state-backed fund will provide a massive boost to the development and deployment of its technology. The $150 million injection is part of a joint venture with the government of Hubei Province that demonstrates their confidence in the startup’s long term prospects.
The funds will go towards expanding Uisee’s roster of self-driving vehicles, as well as increasing its number of test tracks and building its R&D capabilities. It is also expected to increase its team from around 600 to more than 1,000 engineers and technicians.
This investment is part of China’s larger goal for autonomous vehicle adoption and production which will help reduce traffic congestion, emissions, accidents, and other transportation issues in Hubei Province – one of China’s major cities. The potential success that the firm could experience has already attracted the attention of some major investors with venture capitalists such as Warburg Pincus partnering with Uisee on this venture.
With this significant injection into developing Uisee’s self-driving technology, it is likely to become one of China’s leading transportation players within several years – if it can successfully navigate past regulatory hurdles and deploy its vehicles in safety conscious cities soon enough.
Impact on the Chinese self-driving industry
The recent investment of $150 million into Chinese self-driving startup Uisee has had a significant impact on the Chinese self-driving industry. This investment, which was made by a state-backed venture capital fund, is one of China’s largest ever investments into such technology. It shows China’s growing commitment to investing in and developing autonomous vehicles and uisee is likely to benefit from the financial support of this investment.
Uisee is well placed to benefit from this injection of funds due to their innovative self-driving technologies, which they have been using in trials since last year. An expansion of their current model lineup, as well as the development of new technologies such as artificial intelligence-based decision making are expected in the near future. This could help Uisee become a major player in China’s self-driving industry and allow them to compete with other world renowned players such as Google and Tesla.
The investment will also help Uisee reach their ambitious goal of having autonomous vehicles available commercially on Chinese roads by 2022. The additional resources should allow them to accelerate their efforts towards this goal and capitalize on opportunities that arise in intermediate timespans before 2022.
This hefty investment by the state further strengthens China’s position as one of the leading countries in terms of autonomous driving technology development. It goes to show that China is not far behind other countries when it comes to investing into autonomous driving technologies. Indeed, Uisee’s large injection of capital will likely pave the way for other successes within China’s self-driving industry going forward and hopefully soon we can all experience safer travel via more intelligent driverless cars.
Conclusion
After securing the investment from a state-backed fund, Chinese self-driving startup Uisee has taken a significant step forward in their ambitions of creating an innovative self-driving technology.
This funding will allow Uisee to further develop and refine their technology, and move towards their goal of commercialising the self-driving system. This investment could prove to be a major advantage for Uisee in their pursuit of becoming the leader in the self-driving technology world.
Summary of the investment
Chinese self-driving startup Uisee has secured $150 million in financing from a state-backed fund, boosting the company’s prospects of furthering its autonomous driving technologies. The funds come from China’s State Council Development Fund, a cornerstone investor in Uisee since its founding in 2016. The investment is intended to help Uisee as it expands into new markets and further develops its driverless technologies.
Uisee has made strides since its inception with the introduction of cutting-edge HD maps, vehicle-cloud computing solutions, and Autopilot solutions. These products have seen rapid adoption in China’s commercial vehicle market, with Uisee now powering 350 fleets across different regions in China – including Beijing and Chongqing – with over 500 vehicles.
This investment – along with other successful rounds which totalled more than $200 million – will ensure that Uisee can continue to innovate and grow within China, as well as break into international markets to become an industry leader within the self-driving field both at home and abroad.
Potential implications of the investment
The investment by a state-backed fund in Chinese self-driving startup Uisee is significant for a number of reasons. First, it demonstrates the Chinese government’s continued commitment to advancing autonomous vehicle technology. With both the government and private sector increasingly investing in the space, it is clear that China is positioning itself as a global leader in this field.
Second, the investment provides additional resources to Uisee to continue its development and deployment of self-driving systems. This could enable them to accelerate their technology development, expand their operations and commercialize their product or service offerings at a faster rate than what may have been possible previously.
Thirdly, the infusion of capital into Uisee will also open up opportunities for other startups and businesses to collaborate with Uisee and accelerate their own growth. Such partnerships could pave the way for more innovative solutions in autonomous vehicle technology as well as create new economic opportunities from these solutions.
Finally, this investment could also provide support to other similar initiatives within China with its emphasis on collaboration and sharing between organizations working on autonomous vehicle technologies. As such, this investment should be seen not only as one company’s story but rather an important step forward in the development of the broader industry within China.
tags = Chinese self-driving startup, Uisee, raises $150m, state-backed fund, focuses on autonomous logistics and delivery vehicles, autonomous uisee chinese national manufacturing fundliaotechcrunch, autonomous logistics technology, hardware and software
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