According to Nikkei Asia, Freetech Intelligent Systems, a Chinese company that specialises in autonomous vehicles, has secured around $100 million in its series B investment.
TCL Industries Holdings, BAIC Capital, and Hengxu Capital were among of the other investors in the round, which was led by Chaos Investment.
Freetech, a company founded in 2016, develops a full-stack solution for autonomous vehicles, producing both software and hardware parts to drive automobiles. It creates and produces its own domain controllers, radar, lidar, and cameras. Its automobiles can only manage to steer, stop, and accelerate under restricted conditions because its present technology is only rated for level 2 autonomy.
More than 100 automobile models have Freetech’s technology installed thanks to partnerships with more than 40 automotive manufacturers. The firm employs more than 1,200 people and has testing, research, and development centers in Jiaxing, Hangzhou, Shanghai, and Chengdu.
The company will utilise the additional capital to sell its products, further improve its core technology, and support product research and development.
