HoloMatic, an autonomous driving technology company, announced that it has raised $100 million in Series C funding. The five-year-old company said it will use the funds for research and development and to help it mass produce its autonomous driving domain controller, which is expected to launch in 2023.
The Beijing-based company is developing two self-driving services – HoloPilot, a highway-driving autonomous system and HoloParking, a intelligent valet parking system.
Automobile company GAC Group recently led HoloMatic’s C2 Series financing round, with participation from ZhiDu and CHAOS. GAC Group also provided HoloMatic with exclusive funding during its Series C1 funding round. The state-owned automaker is betting big on the technology as it will be integrating HoloMatic’s self-driving technology on its GAC Trumpchi and GAC AION vehicles, according to HoloMatic.
HoloMatic added that it will offer its services to other automakers as well but did not share which ones.
China is the second largest market for AVs
The Chinese market for autonomous vehicles is projected to reach approximately $99.8 billon by 2030, according to Research and Markets, which noted that China is the second largest market for autonomous-driving technology. That will be at a compound annual growth rate (CAGR) of 58.9%.
“Therefore, it offers massive opportunities for domestic manufacturers and global firms alike. Autonomous driving in China will gain further momentum as driverless shuttles have become publicly available, and China is potentially taking the lead in the global autonomous vehicle market,” the market research firm noted.
It added that the Chinese government is pushing for the adoption for more autonomous vehicles and has set a goal to “integrate partial self-driving technology in 50% of all new-auto sales by 2025.” It will most likely announce official autonomous vehicle regulations in 2023.
HoloMatic has been road testing on Beijing highways
To ensure the safety and accuracy of its autonomous driving technology, HoloMatic has spent the past few years testing its technology on highways in Beijing.
In 2019, it highlighted a trip it made from its headquarters at 301, Tower B, BIM, Beijing to Shanghai. The trip totaled 1,200 km (745 mi.) and helped the company put its SAE Level 3.5 HoloPilot technology to the test.
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