PhiGent Robotics, a Beijing-based company, has raised $30 million in a Series Pre-B fundraising round to finance its mass manufacturing. The company creates autonomous driving solutions based on visual 3D comprehension.
The Series Pre-B financing was jointly led by two industrial funds valued at billions of yuan. Beijing E-town International Investment & Development, also known as E-Town Capital, is a state capital investor in Beijing that oversees the management of both funds.
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The fresh round was still financed by existing investors, who included Horizon Robotics, a Chinese company that supplies intelligent driving technology to manufacturers including BYD and Volkswagen.
In August 2021, PhiGent was founded to provide autonomous driving solutions powered by visual 3D, which helps with object detection, accurate mapping, and better decision-making for safe navigation and obstacle avoidance by capturing depth information.
In 2022, the startup closed its Series A round in three tranches, including a Series A+ round led by tech VC firm Xiang He Capital, alongside the appointment of Shan Yi, who previously held senior positions at US semiconductor giants AMD and Xilinx, as its new CEO.
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The first two tranches comprised a $30 million Series A round headed by INCE Capital and an eight-digit RMB investment co-led by the state-owned Shenzhen Capital Group and Houxue Capital in August 2021.
Atypical Ventures, GSR Ventures China, and 5Y Capital are a few more of its early sponsors.
About PhiGent Robotics
PhiGent Robotics is a research and development company that focuses on developing next-generation intelligent driving systems with a visual 3D understanding.
