Horizon Plans Launches Series C Financing with a Total Amount of Over US$700 Million

Horizon Robotics has announced that it has launched a C round of financing with a total amount of more than US$700 million. It has completed a C1 round of financing of US$150 million, led by 5Y Capital (formerly Morningside Capital), Hillhouse Capital, and Capital Today. Other institutions participating in this round of financing include Guotai Junan International and KTB. More strategic investors and international institutions will join in the future. This round of financing will mainly be used to accelerate the research and development and commercialization of Horizon Robotics' in-vehicle artificial intelligence chips and intelligent driving solutions, as well as to build an open and win-win partner ecosystem.

As China's automobile market embraces a wave of intelligence, in-vehicle AI chips have also ushered in a good opportunity for development.

Yu Kai, founder and CEO of Horizon Robotics, has publicly stated that smart cars are likely to replicate the development of smartphones, and 2020 is a major turning point for smart cars. Tesla's sales are breaking records every quarter; and the performance of new Chinese car-making forces such as Weilai, Ideal, and Xiaopeng is also very eye-catching. Not only have their stock prices been rising, but they have also accumulated a solid reputation for user experience; this year, Horizon Robotics Journey 2 enabled Changan UNI-T to achieve the first mass production of Chinese automotive-grade AI chips, opening the first year of pre-installed mass production of automotive-grade AI chips.

The development of smart cars is a process of software-defined cars. Software iteration upgrades smart cars, brand operations and user connections are all areas where Chinese companies excel. In the next ten years, there will be more Chinese brands in car brands with a price of more than 200,000 yuan, which is a huge industrial opportunity. This will not only drive the development of terminal vehicle manufacturers, but also the development of upstream and downstream of the industrial chain, such as upstream chip, sensor, and software suppliers, and downstream application services.

Horizon Robotics has already stood at the forefront of the development of the smart car industry, and its mass production achievements are also providing confidence for the Chinese auto industry: In August last year, Horizon Robotics officially launched the country's first automotive-grade AI chip, Journey 2.0. Currently, the shipment volume of this chip has exceeded 100,000 pieces, becoming a milestone in the development of China's automotive intelligence.