MINIEYE recently released their ADAS product for before market and announced $10 million of A1 round funding at CES2018, this round of investment is led by Puhua Capital.
— Founded in 2013, MINIEYE was dedicated to the development of world-class automotive vision sensing technology and products. It aims to reduce traffic accidents and promotes autonomous driving. The products of independent research and development advanced driving assistance system (ADAS) have been produced in batches. Its cameras and artificial intelligence algorithms identify vehicles, lanes and traffic in front of them and combine this with the analysis of the vehicle’s motions. It can effectively predict any potential traffic accidents such as rear-end collisions, lane departure and slipping, and it can reduce the rate of traffic accidents caused by driver fatigue, distractions and misjudgments.
MINIEYE’ predecessor was an ADAS Research and Development Project supported by the Singaporean government. The founder and CEO of MINIEYE, Dr. Liu Guoqing, graduated from Nanyang Technological University and led the project in Singapore. As a result of his contribution in the field of intelligent driving, Dr. Liu has been selected by Forbes Asia, Forbes China, and Hurun Report as outstanding youth under 30.
In 2017, due to the increasing market demand and policy orientation, the ADAS industry has experienced a surge. At CES 2018, MINIEYE also showed the before and after market products: With its excellent performance and excellent product quality, the MINIEYE before market products have been introduced to a number of car factories and the Tier 1 supplier system, and have been adopted into the mass production of passenger cars. For the after market, it has also established cooperation with customers in Mainland China, Taiwan, South Korea, Singapore and other countries and areas for bulk sale and is expected to make a profit in 2018.
According to Dr. Liu, the domestic intelligent driving industry is very active, but the majority of players are in an "imbalance" state: there is one type of manufacturer that has a good team of algorithmic research and development, but lack of products to introduce to the market. The product is far from the customer's needs, low cost-performance or difficult to adapt to rough environments. For the other type of manufacturer, they have a certain production experience and customer relationship, but the technological reserve is limited to low-barrier technologies such as image splicing. In the more strategic value of environmental perception, decision-making and other technologies, they are always in the demo state of the ideal scenario, and there is no continuous technical iteration capability. However, MINIEYE's international research and development team not only helps the company to target Mobileye in the commercial vehicle domain, but also keeps the company's technical iteration. At the same time, the company will also form a stable and healthy cash flow in sales.
After this round of financing, MINIEYE will continue to carry out the "coordinate strategy" and develop from the horizontal and vertical dimensions to further consolidate the position of the industry. These two directions can also form a cycle of mutual benefit: Better product realization means that you can get more data from users and help improve the algorithm, as well as this, a healthy cash flow can guarantee a sustainable investment in R&D. The continuous iteration of technology can provide more superior products, which can help the customers achieve security, improve efficiency and reduce costs, and will provide higher class automated products for customers in the future.
In addition to this, in order to better serve customers and occupy the market, MINIEYE is also accelerating the finance of the new round funding for series A2, as quoted from Dr. Liu.
Name: Media Relations
Release ID: 285353