(Yicai Global) Jan. 26 -- Jidu Auto, a joint venture of Chinese tech giant Baidu and carmaker Geely Holding Group, has banked almost USD400 million in the latest financing round to advance the development and mass production of its smart electric “robocar.”

Baidu and Geely were the sole investors in the Series-A fundraiser, the Shanghai-based automaker said in a statement on its WeChat account today.

Jidu Auto said it aims to deliver its first mass-produced robocar next year, after showcasing the first concept vehicle at the Beijing auto show this April.

The company plans to invest CNY50 billion (USD7.7 billion) in research and development over the next five years, Chief Executive Xia Yiping said last August.

Jidu Auto secured USD300 million of startup funding when it was set up last March. Baidu owns 55 percent of the firm, with Geely owning the rest and providing the production facilities.

The firm will make greater efforts to nurture and bring in first-class talent in high-level autonomous driving, intelligent cockpits, smart manufacturing, and other related areas, it said today.

Editor: Futura Costaglione