Horizon Robotics, announced that it has received a strategic investment from Chinese auto manufacturer Chery Automobile and has completed the funding settlement. The funds will be used for the R&D and mass production of Horizon Robotics’ new smart automotive processors, said the company on September 26.
The two companies will start new cooperation in high-level assisted driving, in addition to their recent collaboration in in-vehicle intelligent interaction. According to their plan, Chery’s new high-end intelligent electric vehicle platform E0X, will use the Horizon Robotics’ Journey 3 processor as the cornerstone of computing power.
At least five EV models of Chery with the L2+ level driving automation will roll off the line based on the new platform. The first model, the Chery E03, will be launched in 2023 with the Navigate-on-Pilot (NOP) assisted driving function in both highway and urban areas. In addition, the mass-produced EV with the (Advanced Driving Assistance System) ADAS built by the two parties based on the Journey 2 processor will be launched in 2022.
Since its establishment, Horizon Robotics has raised funds from several leading VCs of Chinese auto manufacturers such as SAIC Group, GAC Capital, Great Wall Motor, Dongfeng Asset, BYD, FAW Group, as well as upstream and downstream enterprises in the auto supply chain such as Intel, SK Hynix, CATL, Luxshare Precision.
Horizon Robotics created a solid partnership with Chery. In 2021, the two parties reached comprehensive strategic cooperation. In 2022, Chery Tiggo 8 PRO, a mid-size crossover SUV, OMODA 5, a compact crossover SUV, and other newly launched models were equipped with a multi-mode interaction solution based on the Journey 3 processor to provide industry-leading smart cockpit functions.