Intelligent driving startup Black Sesame Technologies has received hundreds of millions of dollars in its C round financing.
Xiaomi’s joint venture, Yangtze River Xiaomi Industry Fund, led the two investments, Xiaomi’s first investment in the automotive chip field. Other investors include FulScience Automotive Electronics and Lenovo Capital etc. After the investment, Black Sesame has a market value of US$2 billion. Another round of financing is ongoing.
Black Sesame focuses on AI, automotive chips and self-driving. It has developed high-performance autonomous vehicle chips and platforms, which could be the solution to the chip shortage problem in China’s car industry.
Xiaomi plans to develop its autonomous driving system and equip cars with L4 ADAS (Advanced Driver Assistance System). Xiaomi’s self-driving cars are planned to go on sale in 2024. New cars are supposed to come out every three years. Car sales are expected to reach 900 thousand units by 2027.