Momenta, a Beijing, China-based autonomous driving company, secured a new round of funding.
The round valued the company north of $1 billion.
Backers included existing investors NIO Capital and Pagoda Investment, strategic investors Tencent, government funds from Shanghai and Suzhou, China Merchants Group, and CCB International.
The company intends to use the funds to continue to work closely with its strategic partners in automotive, logistics, big data and other related areas.
Founded in September 2016 and led by CEO Xudong Cao, Momenta is building intelligent systems for autonomous driving, aiming to provide solutions for Tier 1 suppliers and OEMs.
This year, the company also strategic partnership with the government of Suzhou, where the company will deploy a large-scale test fleet to accelerate its Level 4 autonomous driving development and support the government in building smart transportation systems, and expanded its business to international OEMs and Tier 1 suppliers.