SAIC Mobility Robotaxi valued at $1B after $148M Series B – TechCrunch

SAIC Mobility Robotaxi, an arm of state-owned Chinese automaker SAIC that aims to launch a commercial robotaxi service, raised $148 million (RMB 1 billion). The funds will be used to scale its robotaxi service in China, which it will operate in partnership with autonomous vehicle company Momenta. SAIC Group led the Series B round that also saw participation from Momenta, Gaoheng Management Consulting and other institutions. The funding brought SAIC Mobility's total valuation to more than $1 billion, according to the company. The company's robotaxis are powered using Momenta's "Flywheel L4" technology, which is designed to use deep learning rather than a rules-based, machine learning approach.