Haomo raises 100 million yuan in Series B1 round

Chinese autonomous driving company Haomo.AI said on Thursday that it has raised over 100 million yuan ($13.91 million) in Series B1 round from Chengdu Wufa Private Equity Fund Management Co.

"We are optimistic about the development of Haomo and expect the company to consolidate its leading position in mass-produced autonomous driving solutions," said Xie Yong, chairman of Chengdu Wuhou Capital Investment Group Co, a backer of Wufa.

By now, HPilot, Haomo's advanced driver assistance system, is equipped in more than 20 vehicle models, accumulating a combined mileage of over 120 million kilometers.

The company expects the penetration rate of ADAS on passenger vehicles to reach 70 percent in China by 2025. In addition, a fleet of Haomo's Level 4 autonomous vans have delivered nearly 300,000 grocery parcels for supermarkets in Beijing.

"The year 2024 will witness the intelligent driving sector taking off. As a key player, Haomo will introduce products with greatest value for money to more clients to scale up," said Zhang Kai, chairman of Haomo.

Guo Weihao, CEO of Haomo, said "We will continue to build our cutting-edge data intelligence system and enhance our R&D on the large model, computing power, and big data." The company has announced new job openings at a time when many others are downsizing worldwide.

"We will explore applying autonomous driving in different scenarios such as cleaning and security inspection and help Wuhou establish itself as a demonstration zone for robotics in China," Gu added.