(Yicai) Feb. 21 -- Daisch Intelligent Technology, a Chinese startup that offers high-precision positioning solutions for self-driving vehicles, has secured tens of millions of Chinese yuan, equivalent to millions of US dollars, in a Series A+ financing round.

The fundraiser was led by Guocheng Venture Capital, which focuses on the energy, environmental protection, new materials, bio-medicine, and internet sectors, Shanghai-based Daisch announced yesterday. Fortune Capital also participated.

The proceeds of the financing round will be used to research, development, and mass produce new products as well as market expansion, Daisch noted.

Lightspeed China Partners invested almost CNY100 million (USD13.9 million) in Daisch's Series A round in 2022, with the funds going to strengthen its supply and delivery capabilities, broadening product lineup, and enhancing market expansion, according to the venture capital firm.

Founded in 2015, Daisch aims to provide high-precision positioning gear and solutions that can be mass-produced for autonomous vehicles, according to the company. It has received intentions of cooperation from more than 10 well-known carmakers and tier-1 projects, the firm noted. 

Products were made on a large scale and delivered for the main models of a leading carmaker last year, and Daisch has also received many orders this year, it added.

Daisch is the first among its domestic peers to reach mass production, the company pointed out. Its second factory will soon become operational, likely boosting annual production capacity of navigation gear to two million sets, Daisch said.

Production efficiency at Daisch's first smart plant was more than 15 times higher than the industrial average, the firm said after its Series A fundraiser in 2022.

Editor: Martin Kadiev