HoloMatic, a Chinese self-driving startup, has successfully concluded a new funding round, securing RMB 300 million ($41.8 million) in Series C3 funding. This latest round brings the total amount raised in Series C to over RMB 1 billion ($140 million), according to an official press release.
The financing was co-led by Guangdong Technology Financial Group and GAC Capital, a subsidiary of GAC Group. GAC’s continued support for HoloMatic signifies their confidence in the startup, following a strategic cooperation agreement signed between the two companies in 2021. GAC has already invested a total of nearly RMB 400 million in HoloMatic.
The funds acquired from this funding round will be utilized to enhance the research and development efforts of HoloMatic’s self-driving technology, as well as to facilitate the mass production of self-driving solutions, the company stated.
HoloMatic, established in June 2017, initially received investment from GAC Capital during a C1 financing round in March of last year. Later in November, the company successfully concluded its C2 funding round with continued support from GAC Capital.
HoloMatic’s founder, Ni Kai, was quoted by local media outlet LatePost, stating that the company expects its losses to substantially decrease by 2024 and aims to break even by 2025. At that point, HoloMatic plans to apply for a listing on the stock market. Currently, GAC holds approximately 13 percent of HoloMatic’s shares, making it the largest external shareholder.
Moreover, GAC serves as HoloMatic’s primary customer, collaborating with the startup to develop assisted driving solutions for brands such as Trumpchi, Aion, and Hyper.
HoloMatic has announced plans to launch the initial version of its city pilot assisted driving solution within the current year. Production vehicles equipped with this system are anticipated to enter the market in the second or third quarter of the following year, according to Ni Kai.
