SHANGHAI – (Aug 16, 2022) SAIC Mobility, SAIC’s ride-hailing service platform, completed its series B financing of more than RMB 1 billion to scale its robotaxi service in China. Momenta, a leading AI and autonomous driving company was one of several institutions that participated in the financing which now increases SAIC Mobility’s value to US$ 1 billion.
SAIC Mobility and Momenta have been developing and deploying data-driven solutions using Momenta's "Flywheel L4" technology to scale safe and efficient autonomous driving in China.
SAIC Mobility Robotaxi was officially launched in December 2021 and is now operating in Shanghai and Suzhou. A major strategic project of SAIC Motor, this is one of the first domestic L4 autonomous driving platforms for a car company. According to the results of the first 100 days of service, the overall user satisfaction rate was 98%, and 80% of riders used the service two or more times after their initial experience.
Zhuang Jingxiong, CEO of SAIC Mobility, said, "SAIC Mobility’s automotive leadership in the Yangtze River Delta has spread nationwide. SAIC Mobility is backed by the significant resources and experience of SAIC Motor, and Momenta is providing SAIC Mobility with technological and software leadership as we continue to iterate solutions together.”
SAIC Mobility Robotaxi is powered by Momenta’s “Flywheel L4” technology, which employs a data-driven approach to continuously improve its capability through deep learning (as opposed to a “rules-based” approach).
Cao Xudong, CEO of Momenta, said, "SAIC Mobility Robotaxi’s success is the organic combination of "operational experience" and "leading autonomous driving technology." Our two companies together will continue to develop the technology, products and commercial implementation to meet the future and diverse travel needs of end users. We believe that this will become the industry benchmark for autonomous driving and in-depth cooperation between leading car companies and operating platforms, and the future of scalable unmanned driving."
Momenta is a leading autonomous driving company committed to creating a better future for smart mobility through breakthrough AI technology. It has pioneered a uniquely scalable path towards full autonomous driving with a data-driven approach, called its “flywheel,” which quickly iterates and improves its algorithms. Its “two-leg” product strategy combines mass-production highly autonomous driving solutions (Mpilot) and fully autonomous driving (MSD or “Momenta Self Driving”) technologies. This strategy provides different levels of autonomous driving capability, while realizing large-scale implementation of highly automated driving solutions. Ultimately this will enable safer, more convenient, and efficient travel in the future.
In the future, SAIC Mobility will work together with Momenta to scale robotaxi service to enable safer, more convenient and efficient future smart travel by leveraging their respective capabilities and advantages.