Hong Kong self-driving start-up AutoX in talks to lift US$100 million funding
The corporate stated it’s in talks with traders a few new spherical of financing, months after the corporate piloted autonomous grocery supply providers in San Jose, California, in August. Final month, it acquired its first license to test-drive self-driving automobiles in China. AutoX is known to be trying to elevate as a lot as US$100 million.
The recent funds will allow AutoX to extend its fleet as tech firms attain one another to show machines easy methods to grasp driving abilities.
Based in 2016 by Xiao Jianxiong, a former assistant professor of Princeton College also called “Professor X”, the alumnus of Hong Kong College of Science and Know-how has constructed the corporate to “democratise autonomy” and make driverless expertise universally accessible.
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The corporate has workplaces in each the US and China and just lately moved its headquarters from Silicon Valley to Hong Kong. AutoX accomplished its A spherical of funding in 2017 and its traders together with an funding enterprise of chip large MediaTek and SAIC Capital, an funding arm of the state-owned Chinese language carmaker.
“Hong Kong is residence to a low tax in addition to progressive enterprise setting,” Xiao stated in an interview at CES tech present in Las Vegas final week, the place the corporate delivered burgers and fries by robo-car. “We purpose to construct a robust presence within the massive bay space.”
AutoX has launched grocery supply service in San Jose since August. After downloading an app, customers can browse and order gadgets akin to greens and fruits and have them delivered to their residence by a self-driving automobile.
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“The supply service would allow us to keep away from a head-on competitors with Waymo, and it additionally comes with excessive revenue, bringing about US$10 per order,” he stated. A self-driving automobile can ship a median of 20 orders per day.
In the meantime, in China, the corporate is working with carmakers together with SAIC and Dongfeng Motor as a expertise supplier, in response to Xiao.
AutoX is amongst a brace of autonomous driving start-ups which have sprouted up in China after the nation made good automobiles one in all its key growth areas. Its rivals embody Pony.ai, WeRide.ai, Roadstar and Momenta, whereas the likes TuSimple, Plus-ai and FABU deal with autonomous vehicles.
Autonomous driving is an amalgamation of expertise, combining superior shopper and industrial applied sciences starting from synthetic intelligence and electrification to 5G cellular techniques.