EQ, an autonomous driving technology developer that specializes in trucks for the mining industry, announced that it has secured a Series A financing round co-led by Eight Roads Ventures China and NIO Capital. It brings EQ’s funding to date to over RMB100 million.
Founded in 2018, EQ has built a proprietary autonomous driving system (both software and hardware) and a cloud-based fleet management system that is responsible for core functions including map management, route planning, remote control, and video monitoring and storage, etc. The system can be accessed from both PC and mobile devices.
With the new funding, the company will speed up its product solutions development and talent hiring. The fund will also support the self-driving haul truck player’s future expansion into overseas markets.
Ted Chua, Senior Partner of Eight Roads said: “EQ is well positioned to become an industry leader in the autonomous driving space targeting mining application. The founding team have impressive technological and operating capabilities. Our investment in EQ further enhances Eight Roads’ presence in the low-speed autonomous vehicle space. We believes that Eight Roads’ global ecosystem and resources will support the long-term development of the company.”
AV/AI is one of our key focus areas. Our China ventures team also invested in Pony.ai, the leader of Chinese autonomous vehicle market, and high-performance LiDAR technology developer Innovusion, which is the first LiDAR to be mounted on volume production passenger vehicle in China.