Haomo, Backed by Great Wall, Raises $14M for Autonomous Driving Tech
Haomo.ai, a startup supported by the renowned Chinese automaker Great Wall Motor, has successfully secured $14 million in a fresh round of funding. This investment marks a significant milestone for the company as it advances its autonomous driving technology.
As international venture capital firms decrease their presence in China, domestic investors, particularly those with backing from local governments, have stepped in to fill the gap. Haomo, a four-year-old company, has amassed over $200 million in equity funding, all in Chinese yuan. Previous investors include major players like Chinese food delivery giant Meituan and Qualcomm Ventures, the corporate venture arm of Qualcomm.
Under the leadership of CEO Gu Weihao, a seasoned veteran from Baidu’s smart car division, Haomo concentrates on developing Level 2 advanced driver assistance systems (ADAS) for passenger cars. Its primary client remains Great Wall, though it also supplies Level 4 self-driving solutions to logistics vehicles, servicing prominent names such as Meituan, Alibaba, and JD.com.
Partnership with Chengdu and Technological Showcase
The recent investment from Chengdu bolsters Haomo’s financial standing and ties the company to an agreement to develop robotics for Wuhou, a central district of the city. Haomo’s innovative cleaning and security inspection robots will be showcased as the district’s technological centerpiece. This collaboration aligns with the nationwide trend of local governments vying to become pioneers in cutting-edge technology through private-sector partnerships.
Haomo has integrated its ADAS solutions, featuring advanced functionalities like automatic braking and lane changing, into more than 20 vehicle models, accumulating over 120 million kilometers of driving data. Furthermore, its self-driving delivery vans have completed nearly 300,000 grocery deliveries in Beijing alone. Despite competition from other Chinese autonomous vehicle startups, such as Pony.ai, WeRide, Momenta, and Deeproute, Haomo distinguishes itself with its strong partnership with Great Wall, enabling diversified revenue streams and robust R&D capabilities.
Haomo’s strategic alliance with Great Wall provides a significant competitive advantage, allowing the company to fund extensive research and development initiatives while serving multiple clients. While Haomo declines to disclose the names of the three other OEMs it supplies its ADAS solutions, its association with Great Wall underscores its credibility and potential for further growth in the autonomous driving sector.
