(Yicai Global) Nov. 17 -- Chinese driverless car technology provider Tianjin TSINTEL Technology Co. has secured USD15.15 million (CNY100 million) in A-round financing led by CMG Innovation Investment Management Co., a subsidiary of state-owned company China Merchants Group, investment media outlet PEdaily reported today.
Other investors include Zhongjun Capital, Zhongguancun Development Group and Legend Star VC.
TSINTEL Technology completed its angel round of financing in May, securing tens of millions of yuan through investors including Legend Star VC and Northern Light VC. The firm did not disclose its latest valuation following this latest round.
The company will now work with China Merchants Group on autonomous driving, including intelligent logistics fleet management and unmanned applications in closed environments.
TSINTEL Technology recently put its first self-developed Automatic Emergency Braking Systems (ABES) for commercial vehicles into mass production.