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Chinese self-driving startup hits $1bn valuation

Haomo.AI gets fresh money from Meituan and Qualcomm's VC arm

Chinese startup Haomo.AI will use the fresh capital to upgrade self-driving technology and build its talent pool. (Captured image from Haomo.AI website)

HONG KONG -- Beijing-based autonomous driving startup Haomo.AI has raised nearly 1 billion yuan ($156.9 million) in a Series A round of financing to reach unicorn status, with a valuation of over $1 billion, the startup announced Wednesday.

Hillhouse Capital's early-stage investment unit GL Ventures, food delivery giant Meituan, Qualcomm's venture capital arm Qualcomm Ventures, Shoucheng Holdings, a subsidiary of Chinese state-owned steelmaker Shougang Group and others also took part in the round.

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