Momenta, a Chinese autonomous driving solution provider, announced today that it has received $500 million more from General Motors following a September $300 million investment.
With the new injection, the startup Series C total has risen to more than $1 billion. Momenta employs a dual-legged strategy to supply advanced driver assistance systems (ADAS), to OEMs like GM, Tier 1 suppliers like Bosch, and conduct R&D on Level 4 driving.
The startup has gathered a number of strategic investors including China's state-owned SAIC Motor and GM. Its institutional investors include Jack Mas Yunfeng Capital and Temasek, Singapore's sovereign fund.
Momenta frequently speaks out about how its alliance with car makers differentiates itself from its competitors, who have chosen to develop in-house robotaxi fleets. This is a more expensive route. It instead relies on data from mass-produced vehicles that are powered by its solutions. Pony.ai, WeRide and other close competitors have raised significant capital.
Momentas' solution will be used in GMs cars sold in China, rather than the United States, in the case of the GM deal. It uses a combination of consumer-grade millimeter wave radars and high definition cameras. To be closer to German partners, the startup opened its first overseas office in Stuttgart. This could indicate that its technology may have a wider reach than its home market.