Haomo.AI, a Chinese autonomous driving startup controlled by Great Wall Motor's Chairman Wei Jianjun, has raised nearly 1 billion yuan (US$157 million) in a funding round as investors increase bets on smart car technologies.
Haomo will use the funds raised from investors - such as Hillhouse Capital's early-stage investment unit GL Ventures, Meituan, Qualcomm Ventures and others - to build its talent pool and enhance its R&D capability, the company said in a statement on Wednesday.
The company did not provide details on valuation.
Haomo, formerly known as the intelligent driving department of Great Wall Motor, said it expected to make its Level 2 semi-autonomous driving system, which requires supervision by a human driver, available in 34 vehicle models by the end of 2022.
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