Startup Momenta: “brain” for autonomous vehicles25. March 2021
Startup Momenta: “brain” for autonomous vehicles
Self-driving startup Momenta has raised $500 million to gather more data for autonomous driving technologies. The Chinese company is currently testing autonomous cars in Beijing and Suzhou, China.
Momenta is working with automakers to mass produce cars with self-driving capabilities. These cars can collect real-time data that helps companies improve technologies and advance toward fully autonomous driving systems.
The five-year-old startup says it is working on the “brain” for autonomous vehicles, relying on deep-learning algorithms to improve driving safety and efficiency.
The company has already received more than $700 million in funding. The latest investment will help the company expand its workforce and grow internationally. Momenta plans to open its first European office in Stuttgart, Germany, later this year.
The recent Series C round was led by SAIC Motor, Toyota and Bosch, with Temasek and Yunfeng also participating. Totoya and Momenta teamed up last year to develop a high-resolution mapping platform for self-driving vehicles in China.