AI is touching new heights of success. Self-driven vehicles are an application of Artificial intelligence that doesn’t requires human input for driving. Artificial Intelligence-based Chinese Leading self-driving start-up UISEE has recently raised over $150 Million in a Series C funding round led by National Manufacturing Transformation and Upgrade Fund and other investors, whose names haven’t been disclosed. The actual valuation of UISEE has not been disclosed by the company till now. According to UISEE 150M Series Manufacturing Liaotechcrunch, the autonomous vehicle driving company is the first in its category to attract both investors.
UISEE was co-founded by Ganesha Wu, Former Principal engineer at Intel, and Yan Jiang in February 2016 with its headquarters located in Beijing, China. It is leading the market in developing Autonomous vehicles using Artificial Intelligence. It has its research and development center in Shanghai, China. Not only bounded to self-driven vehicles, but it is also providing AI-based solutions for other sectors as well. After its foundation, UISEE won the Red Dot Award for its thrilling performance in “Urban Mobile Box.” It has multiple products built using AI such as autonomous cars, tractors, and other logistic vehicles, Uibox, sweepers; trucks; delivery Uibox, and others. The start-up is continuously bringing innovations in the path of AI and delivering technological solutions in the automotive, chemical, and airport industries. They collaborate with these industries to provide world-class products for efficient usage as per uisee 150m series upgradeliaotechcrunch.
Competitors of UISEE in the Chinese market include Plus.ai, Didi, and WeRide. It has collaborated with numerous companies, including SAIC, GM Wuling, and BASF. Self-driven motors have high demand, and to cater to that, multiple companies are working in that direction. UISEE is also one of them and the Chinese start-up has built a great name and name in the market for its highly innovative products and services offered. According to the start-up, they have partnered with Hong Kong International Airports for some of their best-in-class solutions. The startup operates on the U-Drive concept, and its products are also in adverse weather conditions. The products made by this China-based start-up are widely known globally among its clients.
Current Chief Executive Officer, Gansha Wu said that UISEE is currently focussing on unmannered driving and has already skipped advanced driver’s assistant systems. The CEO said differentiating Mobileye from UISEE that they are selling an Advanced driver assistant system. He also said that the company already set the target of producing thousand of self-driven vehicles by the end of the year. According to UISEE, some of its clients including Saic motors, Liuzhou Wuling Motors, and others have successfully applied its services for
The latest $150 Million funding round will be used for improvements in the Research & development sector of UISEE. The company will also focus on increasing the revenue generated and will use the funding to boost monetization services. The new investment is said to bring some remarkable changes in the scenario. Above mentioned are the main reasons for the freshly made funding, reported by the company.
Major Investors in this round are National Manufacturing Transformation and Upgrade Fund. It is a state government-backed funding company located in Beijing, China. The fund has China Development Bank Capital Co as its major former which occupies nearly 15% stake in the fund. Other companies along with China Development Bank Capital have formed the investment fund. It was founded in 2019. The fund was started with the motive to invest in various start-ups of numerous industries.
This is not the first time, the Beijing-based startup has received funding. On 26 February 2020, UISEE raised funding by having multiple investors including Shenzhen Capital Group, Robert Bosch Venture Capital, and CCI investment in a series B round. The actual amount of this funding was not disclosed by the start-up. Shenzhen Capital is a government-owned venture capital funding company located in China and was founded in 1999.
Robert Bosch Venture Capital is an investment firm under the BOSCH group, headquartered in Germany. They majorly deal with investments related to venture capital. The investment subsidiary of Bosch group was founded in 2007 with the vision to invest in fields related to the latest innovative technologies.
This recently raised capital investment will provide new elevation to various Artificial Intelligence-based autonomous vehicles sectors. Artificial Intelligence is already very popular among people and its effects can be seen in many forms such as robotics, self-driven cars, voice assistants, and all. Multiple sectors are being benefited from the effects of AI. Let’s take an example of healthcare where Artificial Intelligence has paved new ways in providing more accurate and speedy treatment and diagnosis of disease. Like this, it has numerous benefits for other sectors as well. As we have discussed, AI-based self-driven cars are a significant concept and the start-up is opening new ways for these autonomous devices.
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