SAIC Mobility Reaches Unicorn Status After $148M Robotaxi Investment
SAIC Mobility raises $148 million in a Series B round, pushing its valuation past $1 billion as it prepares to commercialize its robotaxi service in China.
SAIC Mobility, a subsidiary of Chinese state-owned automaker SAIC, raises $148 million in a Series B funding round led by its parent company. The investment pushes the autonomous vehicle startup's valuation past the $1 billion mark, officially making it a unicorn. Additional participants in the round include SAIC's technology partner Momenta and Gaoheng Management Consulting.
The company plans to use the fresh capital to scale its robotaxi operations in Shanghai and Suzhou. These vehicles rely on Momenta's "Flywheel L4" technology, a deep learning system that enables rapid algorithm iteration. Following a successful 60-vehicle pilot program that achieved a 98% user satisfaction rate and about 20 daily rides per vehicle, SAIC Mobility prepares to transition its trials into a fully commercial service.
SAIC Mobility strategically positions itself to secure commercial deployment permits once local regulations open up early next year. A joint venture with a local state-owned enterprise branch in Suzhou gives the company a strong advantage in that city. Meanwhile, entering the Shanghai market puts SAIC Mobility in direct competition with Baidu's Apollo Go, which recently received approval to operate fully driverless commercial robotaxis in other Chinese cities.