Rajamobil was founded two years back with seed money from individual investors. It subsequently raised its first external funding round collecting more than $1 million in 2017 from a consortium of venture capital firms and prominent individual investors. Some of its VC backers include IDeosource and Stellar Kapital.
Didi has since put some expansion plans on hold while it shakes up its compliance and safety measures. Founder and Chief Executive Officer Cheng Wei told employees the company needs to overhaul a culture that put business growth before the well-being of its customers.
BYD, which is backed by Warren Buffet, hopes to launch its first self-driving car within three years. Its chairman and president, Wang Chuanfu, said he wants to make the company's products more intelligent, like a "super mobile phone on wheels".
The investment was led by the KCK Group, a US-based family investment firm, with participation from existing investor Blumberg Capital, an early-stage venture capital firm headquartered in San Francisco in the US.
Under the strategic agreement, UCAR aims to intelligentize over 1 million cars by installing self-developed OS (operating system) and the IoV (Internet of Vehicles) products from Baidu on the foundation of Apollo autonomous driving platform.