China self-drive car company has $100m Series B

Author: EIS Release Date: Jan 9, 2023

Freetech Intelligent System, a Chinese self-driving car company, has raised nearly $100 million in a Series B funding round.

 

Investors included:  Chaos Investment, Hengxu Capital, a unit of SAIC Motor, BAIC Capital and TCL Industries Holdings.

 

The money will be used to refine its technology, R&D and to commercialise self-driving cars.

 

“Autonomous driving is one of the most important technologies of smart cars, and solutions driven by advanced domain controllers could explode next year,” says Freetech founder and CEO, Zhang Lin, “we will mass-produce autonomous driving solutions, driven by advanced domain controllers.”

 

Freetech currently has more than 1,200 employees. It internally develops cameras, millimeter wave radars and  domain controllers.

 

It has developed ODIN – an autonomous driving and auto parking system with features such as high-speed NOA (navigate on autopilot), HPA (home zone park assist) and shadow mode (a feature in which sensors collect data in the background while driving) which will be used across multiple brands and models.