Google-linked Chinese self-driving startup Qcraft closes Series C financing ·
Summary
Qcraft, a Chinese startup co-founded by four former engineers at Googles self-driving project Waymo, has raised several hundred million RMB (between $13.78 million and $137.68 million), more than a year and half after closing a Series B round where it attracted a similar amount of funding in late 2022. The investment was jointly made by Beijing-based investment firm Cuihu Capital and Beijing Zhongguancun Science City Construction Holding Co., Ltd, a conglomerate backed by the Chinese Academy of Science, according to a statement published on June 14. Best known for developing advanced driver assistance systems (ADAS) for Li Auto based on Horizon Robotics computing platforms, Beijing-based Qcraft said it has facilitated a top Chinese electric vehicle maker to deliver nearly 400,000 cars with its Navigation on ADAS (NOA) technology. Among the existing investors in the five-year-old startup are Chinese tech giants Bytedance and Meituan. [Qcraft announcement, in Chinese]