Backed by Chinese carmaker Great Wall, Haomo raises $14M for autonomous driving tech [TechCrunch]
GREAT WALL MOTOR CO ADR (GWLLY)
NASDAQ:AMEX Investor Relations:
gwm-global.com/investor-relations/announcement.html
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Source: TechCrunch
Some companies are still hauling in capital, though the era of bankrolling several hundred million dollars in a single round has mostly passed. Haomo.ai, an autonomous driving startup backed by Chinese automaker Great Wall Motor, has raised 100 million yuan, or $14 million, from a fresh round of funding, it said today. The investment is the first tranche of the company's Series B funding and was led by Chengdu Wufa Private Equity Fund Management, an investment vehicle backed by the government of Chengdu. As foreign venture capital firms retreat from China , domestic investors, particularly ones with local government funding, have stepped up to back the country's emerging tech darlings. Four-year-old Haomo has raised over $200 million worth of equity funding, according to startup database ITJuzi , and all of that money was denominated in Chinese yuan. Chinese food delivery giant Meituan and Qualcomm Ventures, the corporate venture arm of Qualcomm, are among Haomo's past investors
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