China’s Momenta Eyes $6 Billion Valuation in New Funding Round as Global Automakers Line Up
Momenta, a leading Chinese autonomous driving technology startup, is in talks to raise fresh capital at a potential valuation of around $6 billion, according to people familiar with the matter. The figure could still shift as the funding process moves forward, sources noted.
The Beijing-based company specializes in developing advanced software and algorithms that enable automakers to integrate driver-assistance and autonomous features, including lane changes and urban navigation. Momenta recently struck a major deal with Mercedes-Benz to equip the German automaker’s new electric CLA models in China with its driver-assistance system, covering highways, city streets, and parking. Over time, the technology is expected to be integrated into 40 different Mercedes-Benz models, a person close to the deal revealed.
Earlier this year, BMW also partnered with Momenta to install its systems in the upcoming Neue Klasse electric vehicles for the Chinese market.
Momenta’s backers include Tencent, Temasek, SAIC Motor, Toyota, and Mercedes-Benz, giving it strong financial and industry support as it competes with rivals such as Nvidia, Horizon Robotics, WeRide, and Pony.ai in the self-driving sector.
The company is also preparing for a potential IPO and is reportedly considering moving its listing plans from New York to Hong Kong, according to recent reports.
