Driverless Vehicle Developer Jingchi Technology Scores USD30 Million in Backing From Angel Investors

Driverless Vehicle Developer Jingchi Technology Scores USD30 Million in Backing From Angel Investors

Tang Shihua

Date: Tue, 09/19/2017 - 21:03 / Keywords: driverless vehicle, FINANCING, Beijing JingChi Technology
Driverless Vehicle Developer Jingchi Technology Scores USD30 Million in Backing From Angel Investors
Driverless Vehicle Developer Jingchi Technology Scores USD30 Million in Backing From Angel Investors

(Yicai Global) Sept. 19 -- Driverless vehicle developer Beijing Jingchi Technology Co. has scored USD30 million in funding from angel investors including China Growth Capital, Jiemian quoted founder and Chief Executive Wang Jin as saying.

Jingchi Technology is promoting its A-round of financing, and plans to bring in another USD100 million, Wang said.

The company, which is headquartered in Silicon Valley, intends to trial its autonomous automobiles in Chinese cities next year and move the company back to China. “Next year there will be a small batch of vehicles doing test runs in one to three cities of China,” Wang said.

Jingchi Technology is focusing on the development of self-driving cars, and completed a road test in California in June this year.

Wang once worked for internet giant Baidu Inc. [NASDAQ:BIDU], where he was responsible for the research and development of big data, cloud computing, Baidu Brain, autonomous cars and automated speech recognition technology. Wang left Baidu in April this year and later created Jingchi Technology.

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Keywords: driverless vehicle, FINANCING, Beijing JingChi Technology