JingChi Inc, a Chinese self-driving technology firm founded by former Baidu veteran, has completed a $52-million pre-series A round led by Qiming Venture Partners, following its announcement of securing $30 million from angel investors two weeks ago.
Its strategic investor NVIDIA GPU Ventures and a consortium of other investors also joined the round, according to the company’s announcement on Tuesday.
Jingchi was founded in April 2017 and has completed autonomous driving tests in closed venue in less than five weeks. In June, it became the 34th company to obtain a license for testing autonomous vehicles and completed its first autonomous mode testing on public roads in California.
The startup plans to use the latest funding for expanding its research and development teams globally and ramp up deployment of a fully level 4 autonomous driving test fleet in China by this year end.
“We are determined to bring fully autonomous vehicles to China and become one of the first companies that apply autonomous driving technologies at scale in 2020,” said JingChi’s founder and CEO Jing Wang.
The startup signed a comprehensive agreement with Anqing City in China last month to deploy a fleet of 50 autonomous test vehicles with initial operations slated to launch by the end of 2017.
It also plans to kick off a “Robotaxi” ride-hailing service through hundreds of autonomous vehicle powered by NVIDIA DRIVE PX in Anqing next year.
Along with the investment, Duane Kuang, Founding Partner at Qiming, will also join Jingchi’s board of directors.
JingChi has more than 50 full time employees more than 80% of whom are engineers. The core technical team has decades of combined experience working on a variety of autonomous driving projects for multiple companies such as Baidu, Ucar, Didi, Uber, and Tesla.