photo credit: G-PAL
The platform indicated Xiaomi’s joint venture, Yangtze River Xiaomi Industry Fund, was added to G-PAL’s list of shareholders with a 4% stake, and Baidu-backed Sanya Baichuan Zhixin Private Equity Investment Fund Partnership at a 1% stake.
Founded in Shanghai in 2018, G-PAL is a vertically integrated technology company that provides autonomous driving solutions at various stages. The company can develop and manufacture hardware and software in-house, facilitating an ecosystem for autonomous driving.
G-PAL is one of the five autonomous driving technology strategic partners of SAIC Group. The company’s cost-effective, reliable auto-grade integrated hardware/software system has been tested for over 200,000 kilometers on SAIC’s passenger and commercial vehicles and was put in production in 2020.
In August, the company received nearly RMB400 million ($62 million) in its pre-A financing round. Investors to the company include Matrix Partners China, Yangtze River Xiaomi Industry Fund, Baidu Venture, and Clory Venture. The company said the funds would be mainly put into accelerating the mass production of its new-generation integrated hardware/software system architecture.