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Autonomous driving startup Uisee attracts Chinese state investor in $150M round

There is no lack of state funding for China’s smart driving startups nowadays as the country advances its goal to become a global leader in artificial intelligence in a decade’s time. The latest to get a business enhance is Uisee, a Beijing-based company founded by a group of tech veterans including the onetime head of Intel Labs China, Wu Gansha.

Uisee said Monday it has closed a funding round north of 1 billion yuan ($ 150 million) from investors including the National Manufacturing Transformation and Upgrade Fund, a $21 billion state-backed money set up in 2019 to promote and modernize the manufacturing value chain in China, with the Ministry of Finance as the biggest shareholder.

Five-year-old Uisee is the first autonomous driving companionship the Fund has ever backed, according to the announcement, and the house is expected to help propel forward the public transit and logistics sectors and become a ” standard” autonomous driving enterprise in China, said a director from the Fund in a statement.

Unlike Mobileye or China’s Momenta, which sell boosted driver-assistance organisations as they invest in the development of more advanced Level 4 driving, Uisee leapfrogs ADAS and focuses on unmanned driving, co-founder and CEO Wu Gansha said in a previous interview.

Uisee enables autonomous driving for cases ranging from robotaxis and city buses to airfields and logistics centres. It’s secured a handful of major customers, including the Hong Kong International Airport, which is using Uisee’s tech to automate its baggage tractors, alongside state-backed automakers FAW Group, Dongfeng Motor, and more.

The new funding round, which too weighs a number of undisclosed” industrial investors ,” will allow Uisee to ramp up research and development and promote the industry’s at-scale monetization.

More to come…

Read more: feedproxy.google.com

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