Aug 30, 2018

| #VentureCanvas Quynh Nguyen | DealStreetAsia – VC CICC Jiacheng Investment, a wholly-owned subsidiary of China’s CICC Capital , has led RMB220 million ($32 million) series B funding round in Beijing-based autonomous driving start-up Yihang.ai, according to China Money Network. Source Code Capital and CICC Alpha, as well as existing investor Matrix Partners China also participated in the round. Yihang.ai was founded in 2015 by Chen Yuxing, a graduate of Berkeley Modal Predictive Control and Vehicle Dynamic Lab (MPC|VDL). Its production model is equipped with L2.5 autonomous driving function and will be launched in June 2019. In February last year, it raised an undisclosed amount Series A from Chinity Holdings and Matrix Partners China. Earlier, it also garnered angel investment from Future Capital and Chinese electric vehicle start-up CHJ Automotive in 2016. CICC Jiacheng Investment operates as an investment arm of China International Capital Corporation Limited. It specializes in seed, growth capital, pre-IPO, buyout investments, and industry consolidation. The firm is into domestic RMB investments. It targets investing in healthcare, pharmaceutical, finance, medical instrument, consumption, advanced manufacturing, energy saving and environmental protection, technology, media, telecommunications and newly emerging industries. Founded in 2014, CICC Capital is a wholly-owned subsidiary of investment banking major China International Capital Corporation Limited. Most recently, CICC Jiatai Equity Funds also led an RMB 300 million ($44-million) Series B round in China’s OneSpace Technology which is seen as a potential Chinese rival to US space transportation leader SpaceX. Also Read: