China-based MINIEYE, which develops sensing systems for autonomous driving, has raised RMB270m in its Series C financing round.

The investment round was joined by Harvest Fund, Oriental Fortune Capital, VISION+ CAPITAL and original investor NavInfo.

MINIEYE intends to use the funds to ease pressure on the supply chain caused by mass delivery and to increase its cash reserve.

According to MINIEYE CEO Dr Liu Guoqing, the move will help the company meet the procurement demands of the original equipment manufacturer (OEM) on time.

In 2018, MINIEYE secured the approval of the OEM for mass production in the factory-installed market.

The new capital will also support the company’s ongoing research and development (R&D) activities related to advanced autonomous driving technologies.

MINIEYE aims to leverage artificial intelligence (AI) to offer advanced sensing and decision-making solutions for autonomous driving.

At present, the company offers a range of products, including phase L0 to phase L3, for both before and after markets.

It is said to serve more than 20 clients, including GM, Ford, SAIC, BYD, Dongfeng, SINOTRUK, JAC, and JMC.

According to the company, leveraging data for R&D is vital for autonomous driving’s technology model.

At the same time, it can also generate new business models, the company said.

MINIEYE noted that it registered a steady increase in income generated by its data analytics business.

The company helps its strategic investor NavInfo to update the data source of high-precision map applications.