Yihang Intellitech Announces 220 Million RMB Series B Funding, Source Code Capital Backs Smart Mobility

源码资本·August 29, 2018·0·0

Making travel safer, more convenient, and more intelligent.

Autonomous driving startup Yihang Intellitech recently announced the completion of a RMB 220 million Series B funding round. The round was led by CICC Capital, with follow-on investments from Source Code Capital and CICC ALPHA. Existing investor Matrix Partners China also continued its support.

Xingshi Wang, Executive Director at Source Code Capital, said: "Autonomous driving will reshape the entire automotive mobility ecosystem. It represents a technological revolution on intelligent vehicles, combining multiple advanced inventions and cross-disciplinary innovations. As a Tier 1 autonomous driving supplier, Yihang is the first in China to launch a mass-production autonomous driving system — a milestone for the entire industry. It provides automakers with highly reliable, high-quality, and cost-effective complete autonomous driving solutions. We believe Yihang will work with industry partners to bring autonomous driving to widespread adoption."

Yihang focuses on the commercialization of autonomous driving products and is the earliest Chinese autonomous driving startup to secure mass-production orders from automakers. Mass-produced vehicle models equipped with Yihang's L2.5 autonomous driving capabilities will hit the market in June 2019, while R&D work targeting L4 mass production has already achieved breakthroughs on multiple key technologies.

Yihang's algorithm development and productization capabilities have gained broad recognition from automakers. On algorithms, it covers perception, decision-making, and control, with sensor fusion and fault diagnosis algorithms at the industry-leading level, improving comfort while ensuring safety. On productization, it possesses complete automotive-grade software development, hardware design, and production management capabilities, capable of meeting automakers' mass-production demands for autonomous driving. On supply chain, Yihang is a global Tier 1 partner of Mobileye, the world's leading vision chip supplier, providing automakers with highly reliable and cost-effective autonomous driving solutions. Yihang has also formed a strategic partnership with Flex, a global leading EMS manufacturer, to ensure world-class production management and process standards.

Regarding this funding round, Yihang founder Yuxing Chen said: "We are honored to gain the recognition of top-tier investment institutions. Yihang has always been committed to bringing autonomous driving technology to market, helping automaker partners enhance product safety and intelligence, and making innovative technology truly serve user needs. Going forward, Yihang will continue to break through the key technologies needed for autonomous driving commercialization, and through our efforts, make mobility safer, more convenient, and more intelligent."

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