Shanghai (ZXZC)- China-based millimeter-wave radar developer ANNGIC announced on August 13 that it has completed a RMB 50 million Series A round fundraising, which was exclusively invested by Fortune Capital.

Zhang Yong, chairman of ANNGIC, said that the money raised from this financing will be used to expand its R&D group, speed up the R&D and iteration of its millimeter-wave radars and improve the automatic production lines so as to enhance the efficiency of volume production.

Established in 2014, ANNGIC is dedicated to developing the intelligentized applications of sensors with millimeter-wave radar as its focus. As one of the first batch of Chinese companies with the core R&D technologies and relatively complete design capabilities of millimeter-wave radar, ANNGIC has independently developed such products as 24GHZ and 77GHZ millimeter-wave radars, which have been granted with several technology patents.   

Huang Rongzhao, investment director of Fortune Capital, said in an interview that considering the pretty high threshold to millimeter-wave radar, it is not easy to promote the products to market, design proper systems and mass produce millimeter-wave radars with high consistency despite the comparatively easy access to a demo.

He added, there are currently around 20 millimeter-wave radar startups in China among which a dozen companies have obtained financing, while the companies which simultaneously possess such capabilities as mass production, supply of after-sales services with their products keeping a high cost performance are still minority. Fortune Capital considers that ANNGIC is one of such companies and thinks high of its prospect in intelligent driving domain. Besides, the investment in ANNGIC is also an important part of the investor's layouts in intelligent vehicle area.