Tech in China
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Tech in China

HiRain Technologies gets funding to develop smart driving product

HiRain Technologies announced that it received $29 million USD of financing from Huaxing Growth Capital.

After this round of financing, HiRain Technologies will be increasing investments in product research and developments in the fields of smart driving, smart network connection, new energy, driverless operation and maintenance in closed scenarios; it’s goal is to expand customer groups while improving products and service quality.

HiRain Technologies was established in 2003, and currently houses over 2,500 employees, 65% of the researchers have a master’s degree and above.

As an automotive electronic system technology service provider, its main business includes the production of automotive electronic parts, smart driving, vehicle-based internet, the development of electronic products in the fields such as new energy, engineering consulting, development of R&D tools, unmanned driving operation services in limited scenarios, etc., and further co-operations with world-renowned industrial software manufacturers like Dassault, ANSYS, and IBM to improve R&D efficiency and competitiveness.

This year, HiRain Technologies overall revenue is expected to reach about $283 million USD.

In the future, they will focus on investing in areas such as new electronic and electrical architecture design, advanced smart sensors, artificial intelligence software, engineering big data services, and autonomous driving realization operations.

As of April this year, they have applied for over 1,800 domestic and foreign patents, and have obtained 1,243 authorized patents, including more than 400 inventions, ranking first among component suppliers.

According to IHS estimations, by the year 2022, the number of cars connected to the internet in the world will reach 350 million, about 24% of the market; the sales of new vehicles with networking capabilities will reach 98 million, at 94% of the market; and by 2035, the sales volume of smart driving cars will exceed 10 million globally; according to estimations by Boston Consulting Group, the total value of smart network-capable vehicle market will reach $42 billion USD before 2025.

Source: https://www.36kr.com/p/772657804867076

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