CalmCar, an intelligent driving system supplier, announces today that it has raised around RMB100 million (US$14.1 million) in a Series A2 round of financing.
SAIC Capital, an investment subsidiary of Chinese carmaker SAIC Motor, and Beijing Connected Vehicles Development fund are the investors. Beijing Connected Vehicles Development Fund is managed by intelligent transpotation-focused China TransInfo Technology Corp. and Chinese investment company GSR United Capital.
The majority of the proceeds will be used for mass production of a surround sensing system that supports the L2+ intelligent driving. It will also help further cooperation with OEMs (original equipment manufacturers) and Tier 1 suppliers.
Following this strategic investment, CalmCar will strengthen partnerships with SAIC Motor, a Chinese state-owned automotive design and manufacturing company, to put its products from experimental phase to mass production phase, according to Chinese media outlet 36Kr.
CalmCar will also corporate with China TransInfo Technology Corp., which possesses roadside sensing service and plenty of cooperative vehicle infrastructure application scenarios to develop intelligent driving landing skills.
Founded in 2016, CalmCar specializes in developing intelligent vision system for ADAS (Advanced driver-assistance systems), autopilot and autonomous driving, with functions of lane detection, vehicle detection, pedestrian detection, blind-spot detection, traffic sign recognition and traffic signal recognition, which can support active safety functions of AEB (Autonomous emergency braking), LKA (Lane-keeping assist), ACC (adaptive cruise control).
CalmCar raised around tens of millions of RMB in a Series A1 round by Beijing-based venture capital firm BAIC Capital and tens of millions of RMB in a series pre-A round by Shenzhen Guozhong Venture Capital Management Co. Ltd. and China United Network Communications Group in 2018.
The company completed an angel investment led by Delian Capital, a Beijing-based venture capital firm specialized in the field of tech-driven industry.