Momenta completes series C funding

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Chinese autonomous driving startup Momenta has completed a US$500m series C funding round, taking its total investment so far to approximately US$1bn. Backing has come from a variety of industry giants including GM (which invested US$300m in September), SAIC Motor, Toyota, Bosch and most recently, Jack Ma’s Yunfeng Capital.

The company is taking what it calls a scalable path towards full self-driving capabilities, starting out with self-parking and in-cabin perception systems, before moving on toward full autonomy. A cornerstone of the company’s system is the use of data-driven rather than rules-based algorithms, which it says deliver lower costs and greater efficiency. This forms one part of its ‘Flywheel’ approach, which combines said algorithms with closed-loop automation and harnessing massive data.

“Customers in China are embracing electrification and advanced self-driving technology faster than anywhere else in the world, and the agreement between GM and Momenta will accelerate our deployment of next-generation solutions tailor-made for our consumers in China,” remarked Julian Blissett, executive vice president of General Motors and president of GM China, on announcement of the auto makers investment in September.

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Lawrence has been covering engineering subjects – with a focus on motorsport technology – since 2007 and has edited and contributed to a variety of international titles. Currently, he is responsible for content across UKI Media & Events' portfolio of websites while also writing for the company's print titles.

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