Haomo.AI, a Chinese autonomous driving company, said on Tuesday that it has raised 300 million yuan ($41.41 million) in its Series B2 round. The company raised more than 100 million yuan two months ago.

The new investment was from a fund newly formed by existing investor JZ Capital and the Changxing government in Huzhou, Zhejiang province.

Haomo said the investment will be used on R&D to maintain its leading position in the sector of mass-produced autonomous driving solutions in China.

"The development of China's intelligent vehicle sector will determine whether the country can transform from a big auto country to a strong auto power," said Han Hualong, chairman of JZ Capital, which participated in Haomo's Series A round.

Haomo Chairman Zhang Kai said the company will leverage extremely cost-effective advanced driver assistance systems to win clients in the highly competitive market in 2024 and beyond.

"We will continue to invest in large models, big computing power, big data research, and develop cognitive products in house to ensure a solid technological foundation for Haomo," said CEO Gu Weihao.

Haomo has unveiled three advanced driving-assist system kits in 2023, priced between 3,000 yuan and 8,900 yuan.

By now, there are more than 20 vehicle models featuring Haomo's ADAS solutions in China.