The new funding comes just two months after the previous one of over RMB 100 million, and is one of the few large funding rounds in China's autonomous driving space.

(Image credit: Haomo)

Great Wall Motor-backed Chinese autonomous driving startup Haomo.AI Technology has secured yet another funding round, two months after the previous one.

Haomo has raised RMB 300 million ($41 million) in a Series B2 round of funding from a new fund set up by existing investor JZ Capital and Changxing government in Huzhou, Zhejiang province, the startup announced today.

The funding will be used for research and development to maintain its leading position in mass-produced autonomous driving solutions in China, Haomo said.

"Haomo will leverage extremely cost-effective advanced driver assistance systems to win clients in the highly competitive market in 2024 and beyond," the startup's chairman Zhang Kai said.

The company will continue to invest in large models, big computing power, big data research, and develop cognitive products in house to ensure Haomo's solid technological foundation, said its CEO, Gu Weihao.

Haomo was the former self-driving division of Great Wall Motor and became an independent company in November 2019.

Its core team is partly from Great Wall Motor's smart driving R&D team and partly from tech companies including Baidu and Huawei.

In 2023, Haomo unveiled three ADAS (Advanced Driver Assistance System) kits, HP170, HP370, and HP570, targeting low-end, medium and premium vehicles, priced between RMB 3,000 and RMB 8,900.

To date, more than 20 vehicle models have been equipped with Haomo's HPilot ADAS, driving nearly 140 million kilometers in China, according to a statement from the company.

Haomo has previously predicted that the ADAS penetration rate for passenger cars in China will reach 70 percent by 2025.

The latest funding comes just two months after its last funding round, when Haomo raised over RMB 100 million in a Series B1 round.

It's one of the few large funding rounds in China's autonomous driving space as the macro-economy has faced challenges over the past two years.

In July 2023, GAC Group-backed autonomous driving startup HoloMatic closed a RMB 300 million Series C3 funding round, the only large funding round in the sector in all of 2023, according to information monitored by CnEVPost.

($1 = RMB 7.2435)

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