Nullmax receives Pre-Series A Round of Industrial Financing

Nullmax, an autonomous driving technology company, announced that it has closed a Pre-Series A round of industrial financing, which came from Desay SV Automotive Electronics Co., Ltd., a renowned company providing automotive electronics and service based in Huizhou, Guangdong province, China.

Nullmax also announced that it has achieved a strategic cooperation in autonomous driving with this company to develop a mass production scheme for autonomous driving pre-assembly together. Nullmax and Desay SV Automotive reached the intention of financing and cooperation in 2018.

Headquartered in Shanghai, China, Nullmax is one of the early companies in China that obtained autonomous driving road test license in California, USA. When Nullmax was established in Silicon Valley, it obtained its angel round of financing, worth tens of millions of dollars. Moreover, Nullmax had deployed an autonomous driving development team and test fleet both in Shanghai and Silicon Valley.

Nullmax's solution applies technical routes based on vision and multi-sensing integrated perception, which are characterised by advanced technology, stability and reliability with outstanding cost advantage. At present, the complete autonomous driving solution developed by Nullmax has stepped into the optimisation stage before mass production and will be launched in the near future.

The cooperation between Nullmax and Desay SV Automotive will include hardware, software, tests, data and other aspects of autonomous driving. The in-depth cooperation based on products development, aims to develop a pre-assembly autonomous driving solution for car makers, which could be used to mass-produce cars around 2020.

During this cooperation, with its strengths and advantages in software and algorithms, Nullmax will engage in target detection and identification, and provide assistance in the selection of sensor types, underlying software, etc. In addition, they will both put in place a development team of experts, to guarantee all aspects of the development, customisation and mass production for a comprehensive autonomous driving solution.

Nullmax CEO Dr. Xu Lei said, “We are delighted to have investors, such as Desay SV Automotive, which has a solid base in technologies, extensive experience on products, and rich resources. Gaining industry-wide recognition and support means a great deal to us, especially with acknowledgement from domestic leading auto parts companies. We are confident that we'll achieve better results later with the mass production of autonomous driving vehicles.”

Following this round of financing, Nullmax will further expand its team and speed up the application of the autonomous driving solution in mass production, which includes the efforts to promote large-scale commercialisation of autonomous driving technologies and solutions in the Chinese market. In addition to the in-depth cooperation for the pre-assembly market, Nullmax will continue to move forward the commercialisation of ridesharing and attract more capital to accelerate the next phase of the commercial development.

Desay SV Automotive is the only Tier 1 supplier of autonomous driving platforms based on XAVIER chips in China, indicating its overwhelming resource strength in mass production.

Huang Li, General Manager of Technical Centre of Desay SV Automotive, said, “We are looking forward to the cooperation and the products jointly developed in particular. We expect to provide pre-assembly autonomous driving solutions that are recognised by the market and customers of the industry by making use of our respective strengths.”