(Yicai Global) Oct. 27 -- Smart-driving technology developer Zhejiang Ecarx concluded its CNY1.3 billion (USD193.7 million) Series A funding, which was led by Baidu and participated in by Susquehanna International Group China, valuing it at over CNY10 billion, the company announced yesterday on WeChat.

The proceeds will go to ongoing research and development of auto chips and the R&D of high-precision maps and autonomous driving, the firm said. The company is expected to officially set up a European R&D center by year's end to provide a technical and platform services capability to the European and American markets and will focus on smart cockpits, automatic pilot and microcontrollers, and devise a sound product strategy and mass production R&D plan.

Formed in 2016, Hangzhou-based Ecarx, which is invested in by major automaker Zhejiang Geely Holding Group, mostly builds smart vehicle-mounted systems, with more than 2.2 million online users of its fourth-generation wireless network-based Geely Smart Ecosystem, a smart system which Ecarx tailored for Geely Auto.

The company and Baidu Apollo penned a cooperation deal last July, and the two will further collaborate on Xiaodu In-Car OS, artificial intelligence brains, voice technology and in-car maps. Ecarx and Arm China jointly invested in and set up car chipmaker Siengine this month and made long-term R&D and mass production plans in the areas of smart cockpits, autonomous driving and microcontrollers.

Editor: Ben Armour