Self-Driving Firm Momenta Seeks Funding at $5 Billion-Plus Value

(Bloomberg) – Autonomous Driving Start Momenta is trying to provide a new financing in a valuation of over $ 5 billion, and the Chinese partner’s Uber Technologies Inc.

Persons familiar with the subject, TEMASEK Holdings PTE, Terment Holdings Ltd. And Jack Ma said that Beijing, supported by Yunfeng Capital, was working with consultants to measure the interest of potential investors. The first goal is to be a few hundred million dollars, but the latest amount may rise depending on this process, people said that he wanted to be defined because the negotiations are special.

If it continues, the financing can help to confirm a final public offering firm. Founded in 2016, Momenta sells advanced driver assistance to car manufacturers and power robotax in cities from Shanghai to Munich. SAIC MOTOR CORP., General Motors Co. and Toyota Motor Corp.’u supporters and customers. Momenta secretly applied to a US public offering last year, but progress in this agreement depends on market conditions.

When a comment was requested about the new financing tour, a Momenta spokesman said that the financial details were wrong without elaborating. “The figures and progress reported are wrong, but it is not appropriate to disclose the exact details at the moment.”

Baidu Inc.’s Apollo Go, Weriide Inc. and Pony AI Inc. Chinese Robotaxi companies such as the Middle East, Europe and Southeast Asia need capital to enter international markets.

These companies, instead of operating themselves, to provide basic technology and to distribute their fleets Uber and Grab Holdings Ltd. such as automobile manufacturers and driving greeting platforms prefer to be a partner.

Pony Ai and Wowide opened to public in the US last year. Their outlets fueled hopes for the reconstruction of Chinese technology lists, although the autonomous driving is a glare point in the competition between the two largest economies in the world.

Cao Xudong, Chairman of the Founder and Executive Officer, according to the LinkedIn page, Microsoft Corp in Beijing. And then he worked as a researcher at Sensetime Group Inc. He graduated from Tsinghua University with a bachelor’s degree in engineering mechanics.

Help from Yilun Chen, Echo Wong and Linda Lew.

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