(Yicai Global) Dec. 20 -- Fabu Technology, a Chinese developer of autonomous driving technology, has raised more than CNY100 million (USD14.3 million) in its latest funding round.

Anhui Province Railway Development Fund and Zhejiang University Education Foundation took part in the Series B2 fundraiser, Hangzhou-based Fabu said yesterday.

Formed in 2017, Fabu offers driverless transport systems and technologies for ports. Its products consist of level four intelligent driving systems for vehicles, remote control systems, and scheduling management systems for vehicle fleets and mechanical port devices. This requires a lot of investment in infrastructure and lengthy periods before the products are put into operation.

The proceeds of the latest fundraiser will go to develop autonomous driving technologies and products that will be used in the intelligent transition of traditional industries such as ports, it said.

Some of Fabu’s self-driving solutions have already started being used. The company has provided L4 driverless container trucks at the Port of Meishan this year, with over 60 of them used so far, making up more than 20 percent of all the container trucks at the port.

Fabu’s driverless container trucks at the Port of Ningbo-Zhoushan can transport four twenty-foot equivalent units an hour per truck, close to the speed of manned trucks, a manager noted previously.

The company also will continue to apply its products in other areas such as logistics and buses, it said.

Editor: Tom Litting