FreeTech, a provider of intelligent driving solutions, successfully raised hundreds of millions of CNY in its series B+ financing. The investment will be primarily used for continuous technological iteration of the company's R&D, promoting the commerical landing of intelligent driving solutions via innovations.
On January 31st, FreeTech announced the completion of its B+ round financing amounting to hundreds of millions of CNY, strategically invested by CCCC Blue Fund (Chinese: 中交蓝色基金), Qingyan Capital (Chinese: 清研资本), and Yunxiang Wuzhen (Chinese: 云享乌镇). Taihecap (Chinese: 泰合资本) served as the exclusive financial advisor. The investment will be primarily used for FreeTech's continuous technological iteration of its R&D, promoting the commerical landing of intelligent driving solutions via tech innovations.
As a leading provider of intelligent driving solutions. FreeTech independently developed ODIN Digital Intelligence Base which integrates 4 pillars including self-researched domain control, self-researched sensors, autonomous driving algorithms and data closure system. FreeTech is able to provide software and hardware solutions from functional software, middleware, bottom layer to hardware development and design. Its product lines cover smart cameras, millimeter wave radar, domain controllers, etc.
With an expected increase of autonomous driving products' penetration in 2023, FreeTech's ODIN intelligent driving solutions will help the company continue to maintain its market status. At present, FreeTech cooperates with more than 40 car brands, and the company expects to deploy its products onto millions of mass produced vehicles by 2023.
Zhang Lin, Chairman of FreeTech said: "Looking ahead to 2023, FreeTech will always be committed to meeting the needs of the public for a new life of safe and easy travel, gathering more upstream and downstream partners in the industry chain to provide digital intelligence potential for the industrialization and sustainability of advanced intelligent driving, ultimately bringing a "safer and better" driving experience for the majority of users."