China Visionnav Robotics 76m Series Meituan: The development of a novel technology for transportation is underway in China, with the privately held VisionNav–which develops and produces self-driving trucks and cars–raising $76.2 million in its latest funding round, with other investors including JD.com Inc, Tencent Holdings Ltd., and Sequoia Capital China.
VisionNav is one of the world’s largest manufacturers of autonomous vehicles, according to Reuters reporter Nan Wei. It has developed a new type of intelligent software that manages driving operations without human supervision or intervention.
VisionNav’s equipment has been installed on more than 30,000 vehicles in China, which has become a major market for self-driving cars and vehicles. The company’s recent fundraising round makes it one of the most well-funded private companies in the sector.
The company was founded by Tony Han, a former engineer at Baidu Inc., and Lijun Zhang, a former automotive technology engineer at General Motors Co.
This is not the first time VisionNav has received large investments from major Chinese tech firms. In April 2016, the company raised $200 million in a round led by Tencent Holdings, which also participated in VisionNav’s most recent round.
Although the company moved its headquarters to Boca Raton, Florida, in 2012 with more than 1,000 employees–most of them located at facilities across China–VisionNav says it will continue developing its self-driving technology in China.
VisionNav’s main products are self-driving vehicles and intelligent software systems for autonomous driving technology. The company’s vehicles have been deployed on a variety of applications, such as car-sharing services and delivery fleets.
VisionNav’s products are deployed in more than 30 cities across China and have driven more than 2 million miles of test-driving experiences. The company claims that it has developed a complete self-driving platform, which includes hardware and software systems.
Founded in 2009 by Tony Han, VisionNav has received investments from JD.com Inc., Tencent Holdings Ltd., Sequoia Capital China, and other investors.
