Shanghai (ZXZC)- Chinese intelligent driving solution provider JIMU Intelligent announced on Oct. 21 it has banked 200 million yuan ($31.257 million) in a Series C1 funding round.

The fresh round was led by Forebright Capital and SDIC Unity Capital, and also involved such institutions as AVIC Pingshan, Founder H Fund, MY Tsinghua Capital, UMC Capital.

Photo credit: JIMU Intelligent

The company said the capital raised will allow JIMU Intelligent to further strengthen its investment in the R&D of intelligent driving, connectivity, and autonomous driving in specific scenarios, continue to expand its client base, and expedite the volume production of high-level smart driving technologies.

Founded in 2011, JIMU Intelligent has been dedicated to providing global OEMs and tier-1 suppliers with in-house developed leading intelligent driving solutions based on multi-sensor fusion and domain controllers. Its smart driving products have been applied in batches to around 100 vehicles models of nearly 30 OEMs at home and abroad.

Up until now, JIMU Intelligent has obtained quite a few passenger vehicle ADAS projects, supplying 80%+ leading bus makers and 60+ leading truck manufacturers in China.

The company tapped the passenger vehicle in 2020 and has won a slew of Level 1-Level 2 new energy passenger car projects. Its Level 2+ domain controller solution will be completed at the end of this year.

JIMU Intelligent said it would continue to expand passenger car market after this financing, expecting to enter supply chains of at least five leading automakers over the next two years.

What's more, the company is actively exploiting overseas markets. It has formed in-depth cooperation with many global leading tier-1 suppliers and has taken the lead in exporting intelligent driving solutions to countries like Japan and South Korea.