General Motors announced it will invest $300 million in Momenta to accelerate the development of next-generation self-driving technologies for future GM vehicles in China.
“Customers in China are embracing electrification and advanced self-driving technology faster than anywhere else in the world, and the agreement between GM and Momenta will accelerate our deployment of next-generation solutions tailor-made for our consumers in China,” said Julian Blissett, executive vice president of General Motors and president of GM China.
“Momenta is committed to developing breakthrough artificial intelligence solutions to push beyond the frontier of possibilities today and significantly improve personal mobility experiences. Together with GM, we will jointly invest in autonomous vehicle technologies to enhance driving safety, convenience and efficiency,” said Xudong Cao, CEO of Momenta.
GM is investing aggressively in a comprehensive and highly-integrated plan to lead the transformation to a more sustainable future, guided by its vision of a world with zero crashes, zero emissions and zero congestion.
In June, GM announced it is investing $35 billion in engineering and capital in EV and AV technology from 2020 to 2025. In China, GM is expanding its design and engineering facilities for EV and AV development, dramatically increasing its capability to deliver over-the-air software updates via GM’s Vehicle Intelligent Platform and 5G connectivity services, and preparing to roll out the company’s global Ultium Platform.
In addition, GM is collaborating with companies around the world such as Momenta to build its technology capabilities and support diverse consumer choices across the globe. Launch timing for the next-generation advanced self-driving technologies that will be deployed in China and other details will be shared closer to production.
With leading autonomous driving technology and solutions, Momenta’s vision is, in the next ten years, to save one million lives, save 100% driving time, and double the logistics and mobility efficiency.
Momenta has pioneered a unique scalable path toward full autonomous driving by combining a data-driven approach to quickly iterate algorithms – its flywheel approach – as well as a “two-leg” product strategy focusing on both mass-production-ready highly autonomous driving solutions and a driving solution targeting full autonomy.
General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which will power everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar a global leader in vehicle safety and security services, can be found at https://www.gm.com
Momenta is a leading autonomous driving technology company. Momenta is dedicated to reshaping the future of mobility by offering solutions to enable multiple levels of driving autonomy. It has pioneered a unique scalable path toward full autonomous driving by combining a data-driven approach with iterating algorithms – referred to as its “flywheel approach” – as well as a “two-leg” product strategy focusing on both Mpilot, its mass-production-ready highly autonomous driving solutions, and MSD (Momenta Self-Driving), its driving solution targeting full autonomy. More information can be found at https://www.momenta.ai/
Momenta Background Information
Momenta’s mission is “Better AI, Better Life.”
The company is committed to developing breakthrough artificial intelligence solutions to push beyond the frontier of possibilities today and significantly improve people’s quality of life. It leverages its AI capabilities to develop autonomous driving solutions to enhance driving safety, convenience, and efficiency. Through its autonomous driving technology and solutions, Momenta aspires, in the next ten years, to save one million lives, save 100% driving time, and double efficiency of logistics and mobility.
Who We Are
We are a leading autonomous driving technology company dedicated to reshaping the future of mobility by offering solutions to enable multiple levels of driving autonomy. We have pioneered a unique path toward full autonomous driving by combing a data-driven approach with iterating algorithms – which we refer to as our “flywheel approach” – as well as a “two-leg” product strategy focusing on both Mpilot, our mass-production-ready highly autonomous driving solutions, and MSD, our driving solution targeting full autonomy.
Driven by this flywheel approach, we have created a self-reinforcing cycle of data accumulation and technology advancement between Mpilot and MSD. Our flywheel approach and “two-leg” strategy have enabled us to quickly and cost-effectively develop, iterate our technology and solutions, giving us a unique edge in the race towards full autonomous driving at scale.
Founded in 2016, we established strategic partnerships with leading global OEMs including SAIC, GM, Mercedes-Benz, and Toyota, and tier-1 suppliers, such as Bosch, to develop and deploy our technologies across a variety of mobility use cases. As of March 2021, we have raised $700 million from strategic automotive partners and financial investors such as Temasek and others. On September 23, 2021, we jointly announced a partnership with General Motors with additional funding of $300 million. We will release more information on our latest series C funding round later.
Leveraging our superior core technologies, our flywheel approach and our two-leg product strategy, we strive to deliver scalable full autonomy, which we believe will enable us to transform mobility and transportation, as well as to move toward to the future commercialization of autonomous driving technologies.