Hong Jing Drive Secures Multimillion Yuan Investment from Prosperity7 Ventures
SHANGHAI, July 2023 – Leading autonomous driving firm, Hong Jing Drive, announced today that it has received a significant multimillion yuan follow-on investment from Prosperity7 Ventures, the diversified growth fund under Aramco Ventures. The investment transaction has been successfully completed.
The recent influx of capital will be earmarked for the development of Hong Jing Drive’s next-generation ADAS (Advanced Driver Assistance Systems) and higher-level autonomous driving solutions. Furthermore, the company intends to expand its production capabilities to address the steadily rising demand for autonomous driving solutions among vehicle manufacturers.
It’s worth noting that this isn’t the first time Prosperity7 Ventures has shown confidence in Hong Jing Drive. In February 2022, the venture arm had exclusively funneled an investment exceeding a hundred million yuan into the company. Other notable investors in Hong Jing Drive include Walden, Hillhouse Group, Linear Capital, BlueRun, and CITIC Goldstone, among others.
Founded in 2018, Hong Jing Drive has consistently focused on both the passenger and commercial vehicle sectors, delivering integrated intelligent driving solutions. The company boasts full-stack perception software, advanced driving and memory parking software, as well as research and development capabilities for automotive-grade autonomous driving computing platform hardware. Their product line spans across L1-L4 autonomous driving levels. Over 500 individuals make up the R&D team, with more than 85% dedicated to research and development roles.
At present, Hong Jing Drive’s solutions have been incorporated into 30 models from various OEMs, including SAIC, Great Wall, Chery, JAC, BYD, and Hozon. The company has four R&D centers nationwide and manufacturing bases located in Hefei and Shanghai.
At this year’s Shanghai Auto Show, Hong Jing Drive unveiled its next-gen perception technology solution for advanced smart driving systems, aiming for “heavy perception, light mapping.” The company also introduced its new Single-Journey 3 Integrated Parking Domain Controller and Single-Journey 3 Smart Camera Modules. Notably, the former allows for flexible sensor configurations and promises to balance cost-efficiency with high-quality user experiences for high-speed navigation-assisted driving.
In addition to product development, Hong Jing Drive is diligently refining its closed-loop cloud platform, enabling a positive feedback loop driven by intelligent driving data to enhance software algorithm capabilities.
Thanks to the global and Middle Eastern resources of long-time shareholder Prosperity7, Hong Jing Drive is poised for international expansion, accelerating its global outreach.
About Hong Jing Drive:
Hong Jing Drive is a leading provider of integrated intelligent driving solutions, specializing in full-stack perception software and advanced autonomous driving technologies. With a strong emphasis on R&D and a broad range of products covering L1-L4 autonomous driving levels, the company is at the forefront of the smart mobility revolution.