After establishing itsmight in the smartphone business, Xiaomi wants to make a dent in the mobility industry through various investments.
On Monday, the company participated in a pre-series-A round of investment into a self-driving company called Geometrical Partner. Xiaomi led the $62 million investment along with Matrix Partners China and Baidu Ventures.
The self-driving car startup was founded in 2018, and provides L2-L4 level of autonomous driving solutions in hardware and software. As per36kr, it used self-developed 4D millimeter wave imaging radar instead of traditional millimeter wave. The startup is also working with various car manufacturers to install its systems in passenger cars by 2023.
In June, Xiaomi participated in a $190 million series-D round inanother self-driving start-up called Zongmu.
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In March, the Chinese technology company unveiled its own plans tobuild an electric vehicle. It also set up a $10 billion fund to make its mobility dreams a reality.
A report by Reuters published at that time suggested that the firm is planning tolaunch its first vehicle by 2023.
Story byIvan Mehta
Ivan covers Big Tech, India, policy, AI, security, platforms, and apps for TNW. That’s one heck of a mixed bag. He likes to say “Bleh.“Ivan covers Big Tech, India, policy, AI, security, platforms, and apps for TNW. That’s one heck of a mixed bag. He likes to say “Bleh.”
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