Xiaomi – Xiaomi leads US$ 62 Million Investment in Car Startup
Xiaomi: After reaching the top spots in the global smartphone market, Xiaomi turns its attention to the mobility industry. This Monday (02), the Chinese company led an investment of US$ 62 million, in partnership with Matrix Partners China and Baidu Ventures, in the startup Geometrical Partner, specializing in autonomous cars.
This is the second major investment in the electric mobility sector that Xiaomi has made this year. In June, the company participated in an investment round that brought in US$190 million for Zongmu, which also plans to develop an autonomous driving system.
But these are not the only Chinese investments in the transport sector. Since 2015, Xiaomi offers mobility solutions. In its portfolio, the company has an electric scooter with an autonomy of 45 km. In the near future, the company plans to launch a line of electric scooters that are cheaper than smartphones, with prices starting at $566.
Xiaomi’s investments in electric cars
The smartphone maker’s business expansion plans go much further. In March, Xiaomi created a $10 billion fund, which will be invested over the next 10 years, to make its electric car division possible. According to a Reuters report, the launch of the brand’s first electric car is expected to take place in 2023.
Startup Geometrical Partner was founded in 2018 and provides the L2-L4 level of autonomous driving solutions in hardware and software. The company has developed a 4D millimeter wave imaging radar to replace traditional millimeter wave equipment. The startup is also working with several automakers to install their systems in cars.
Already Xiaomi’s first investment in the industry, Zongmu was founded in 2013 and focuses on the development of autonomous driving, advanced driver assistance technologies and related positioning and mapping products. The company is also known for its automated valet parking system, which can be found on an SUV model manufactured by Chinese automaker FAW Group.
[Xiaomi – Xiaomi leads US$ 62 Million Investment in Car Startup