A startup Chinese company specializing in autonomous driving attracts a large number of investors from all over the world, according to the latest round of funding it received. The total amount of investment in Momenta has reached $700 million.
Momenta’s further funding of another $500 million is indicative of the interest in developing autonomous motion technology from big names in the global brand, such as Toyota, Mercedes, Bosch and other major manufacturers.
In addition to full autonomous level 4 drive systems, Momenta also deals with semi-autonomous systems, with data on the proper development of algorithms coming directly from vehicle manufacturers.
According to Momenta’s plan, demand for autonomous driving systems will increase in the coming years, with its forecasts for consolidation of robotic taxi services in megacities by 2024. Estimates suggest millions of vehicles around the world by 2024 will rely on Momenta’s algorithm for driverless driving.
evNT Note :
There are 5 levels of autonomous driving, starting from 0. At the moment the technology is at level 3 but the majority of vehicles on the road that have this technology are at level 2. The next level, 4, in which you won’t even need a driver, only passengers. Whereas, finally, level 5 there won’t even be a steering wheel. The autonomous car will be able to move completely on its own. Tesla is also in the final stages of testing with its own Full Self Driving (FSD) system where it is expected to be implemented sometime in 2021.