Chinese autonomous driving startup Haomo unveiled its latest driving-assist system on Tuesday as it races to explore the huge potential of China's smart vehicle market.

The Level 2 system, which focuses on scenarios in urban traffic, features a 360 TOPS chip and 19 sensors including cameras and lidar, said Haomo.

For seven out of 10 times, test vehicles with the system can navigate themselves across crossroads, and when it comes to changing lanes, the figure rises to over 9, said the startup.

Haomo said vehicles with the system will soon hit the market.

The startup released its first Level 2 system in late 2021, which has since been introduced into models including Great Wall Motors' Tank 500.

Zhang Kai, chairman of Haomo, said the company is working on 34 models that will feature Haomo's driving-assist system this year.

The startup also released an electric Level 4 driverless logistics vehicle on Tuesday. It has a driving range of 60-100 kilometers and will hit the market in May.

Earlier this month, Haomo scored hundreds of millions of yuan in its Series A plus financing round, led by Bank of China Group Investment Limited and participated by existing investor Shoucheng Holdings Limited.

Haomo said it would spend the fresh funds on research and development as well as human resources.

The round came less than four months after the company closed its nearly 1 billion yuan ($157 million) Series A round in December 2021. Haomo said it has started its Series B financing round.