Autonomous Driving Company Momenta Has Raised $500 Million In Series C Funding, SAIC, Toyota And Bosch Led The Investment
On March 19th, Momenta announced the completion of a Series C funding round totaling US $500 million.
In this round of financing cycle, participation in the lead investment has China's strategic investor SAIC; International strategic investors Toyota and Bosch; Other investors include Mercedes-Benz, GGV Source Capital, Sunway Capital, Tencent and Cathay Capital.
From its inception, Momenta has established the 'One Flywheel' technical insight to redefine the critical path to autonomous driving. After more than four years of development, focusing on the "flywheel" and "two legs" product strategy, the company has created industry-leading autonomous driving products and won recognition from customers around the world.
With the turn of the flywheel, Momenta's ability to achieve fully autonomous driving has been significantly enhanced. Momenta is now fully data-driven in environmental awareness, high-precision mapping, and prediction, and continues to iterate through closed-loop automation. It is expected that Momenta will be able to implement process-wide data-driven algorithms by 2022. By 2023, the algorithm will be 100% automatic iteration using closed-loop automation.
The current version of the flywheel can automate more than 90 percent of the long tail problems, improving development efficiency by nearly 10 times compared to the fully human-powered approach, and aiming to increase this number to 100 times within 2 years.
Accelerated by the flywheel, Momenta's "Two Legs" product strategy, Mpilot and MSD, is poised to achieve rapid commercial growth. It is reported that Mpilot has reached strategic cooperation with several international and domestic top car enterprises and tier 1 suppliers, and the cooperative models will achieve global mass production from 2021 to 2023 for end users. Momenta Go (RoboTaxi), a MSD Robotaxi, was officially launched in 2020 with plans to launch some of its vehicles without a safety attendant in 2022.
By 2024, Momenta's 'two legs' product strategy will be fully realized. Momenta Go will be profitable on a single vehicle, completing the 0-1 validation of its business model. At the same time, Mpilot is on the road on a large scale, and the mass production data is returned on a large scale to realize the storage of data and technology 1-N.
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