DMR News

Advancing Digital Conversations

Supported by Chinese automobile manufacturer Great Wall, Haomo secures $14M in funding for its self-driving technology.

ByYasmeeta Oon

Feb 24, 2024

Supported by Chinese automobile manufacturer Great Wall, Haomo secures $14M in funding for its self-driving technology.

In the rapidly evolving landscape of autonomous driving technology, Chinese firms have embarked on a journey marked by both exhilarating advancements and significant challenges. As the initial wave of hefty investments begins to ebb, companies like are steering through these changes with strategic funding rounds and partnerships, reflecting a broader shift in the sector’s financial dynamics and development strategies.

Subdued Investment Climate

The autonomous driving sector in China is experiencing a palpable shift in its investment environment. Following years of abundant funding, the frenzy that once characterized the market has moderated. This recalibration has not halted the flow of capital entirely; however, the days of securing several hundred million dollars in a single funding round appear to be waning. This trend underscores a more cautious approach by investors, influenced by a confluence of factors including regulatory challenges, technological hurdles, and a reassessment of the timelines for achieving fully autonomous driving capabilities.’s Strategic Funding Milestone

At the forefront of navigating this nuanced investment landscape is, an autonomous driving startup with the backing of the Chinese automaker Great Wall Motor. The company recently announced a significant milestone, having raised 100 million yuan (approximately $14 million) in the first tranche of its Series B funding. This round was spearheaded by Chengdu Wufa Private Equity Fund Management, a noteworthy player backed by the government of Chengdu.

This investment is emblematic of a broader trend where domestic investors, particularly those with ties to local governments, are increasingly prominent in backing China’s tech innovators. With this latest funding, has amassed over $200 million in equity funding, all denominated in Chinese yuan, reflecting a strategic pivot towards domestic capital in the face of retreating foreign venture capital firms.

Table 1: Funding Overview

Funding RoundAmount (USD)Lead InvestorNote
Series B$14 millionChengdu Wufa Private EquityFirst tranche, backed by government
Previous$186+ millionVarious, including Meituan, Qualcomm VenturesTotal equity funding over $200 million

Evolving Product Strategy and Partnerships

Under the leadership of CEO Gu Weihao, a veteran of Baidu’s smart car initiative, has concentrated its efforts on developing Level 2 advanced driver assistance systems (ADAS) for passenger cars. These systems, which include features such as automatic braking and lane changing, represent a pragmatic approach towards commercialization, focusing on technologies that enhance driving safety and convenience without fully relinquishing control to the machine.’s strategic relationship with its largest shareholder, Great Wall Motor, underscores a significant advantage. As a leading manufacturer of SUVs and pickup trucks in China, Great Wall provides a robust platform for’s technologies, facilitating a symbiotic relationship that extends beyond financial backing to include collaboration on product development and deployment.

Moreover, is not limiting its aspirations to passenger vehicles alone. The company is also pioneering Level 4 self-driving solutions for logistics vehicles, serving high-profile clients such as Meituan, Alibaba, and This diversification of application scenarios for autonomous driving technology underscores the sector’s vast potential and the varied pathways to its realization.

Partnership with Chengdu for Robotics Development

The recent investment by Chengdu is particularly significant, tying to a strategic agreement to develop robotics for Wuhou, a central district in Chengdu. This collaboration is part of a broader initiative by local governments in China to attract private tech firms to develop “demo zones” for showcasing cutting-edge technologies. For Wuhou,’s cleaning and security inspection robots will play a pivotal role, highlighting the company’s versatility beyond autonomous vehicles.

Key Highlights:

  •’s ADAS solutions are now integrated into over 20 vehicle models, with more than 120 million kilometers of driving data to its credit.
  • The company’s self-driving delivery vans have successfully completed close to 300,000 grocery deliveries in Beijing, demonstrating practical utility and reliability.
  • Haomo’s strategic partnership with Great Wall Motor and its foray into robotics for urban management in Chengdu exemplify the multifaceted applications of autonomous driving technology.

Competitive Landscape and Strategic Positioning

The autonomous vehicle (AV) sector in China is crowded with ambitious startups such as, WeRide, Momenta, and Deeproute, each vying for a slice of the future mobility pie. While many of these competitors initially set their sights on developing robotaxis, the realization of the capital-intensive nature of achieving Level 4 autonomy has prompted a strategic shift towards developing less advanced but more immediately deployable products. distinguishes itself within this competitive landscape through its close association with Great Wall Motor, leveraging this partnership to fund its R&D efforts and broaden its market reach. Unlike competitors who may rely on a single customer or segment,’s strategy encompasses supplying its ADAS technologies to multiple OEMs, underscoring a more diversified and resilient approach.

Looking Ahead: Navigating the Road to Autonomy

As and its peers in the Chinese autonomous driving sector navigate the evolving landscape of investment and technological development, the journey ahead promises to be both challenging and rewarding. The shift towards more strategic funding, coupled with a pragmatic approach to product development and deployment, suggests a maturing market that remains vibrant with potential.

The road to fully autonomous driving is fraught with uncertainties, but companies like are charting a course through innovative partnerships, strategic funding, and a diversified approach to technology application. As the sector continues to evolve, these strategies will be critical in driving forward the promise of autonomous mobility, reshaping how we think about transportation, and ultimately, how we navigate our world.

Related News:

Featured Image courtesy of DALL-E by ChatGPT

Yasmeeta Oon

Just a girl trying to break into the world of journalism, constantly on the hunt for the next big story to share.