Xiaomi invests in a second self-driving company within three months
After establishing its might in the smartphone business, Xiaomi wants to make a dent in the mobility industry through various investments.
On Monday, the company participated in a pre-series-A round of investment into a self-driving company called Geometrical Partner. Xiaomi led the $62 million investment along with Matrix Partners China and Baidu Ventures.
The self-driving car startup was founded in 2018, and provides L2-L4 level of autonomous driving solutions in hardware and software. As per 36kr, it used self-developed 4D millimeter wave imaging radar instead of traditional millimeter wave. The startup is also working with various car manufacturers to install its systems in passenger cars by 2023.
In June, Xiaomi participated in a $190 million series-D round in another self-driving start-up called Zongmu.
In March, the Chinese technology company unveiled its own plans to build an electric vehicle. It also set up a $10 billion fund to make its mobility dreams a reality.
A report by Reuters published at that time suggested that the firm is planning to launch its first vehicle by 2023.
via The Next Web https://thenextweb.com
August 3, 2021 at 04:51AM