Google-linked Chinese self-driving startup Qcraft closes Series C financing

Qcraft, a Chinese startup co-founded by four former engineers at Google’s self-driving project Waymo, has raised “several hundred million RMB” (between $13.78 million and $137.68 million), more than a year and half after closing a Series B round where it attracted a similar amount of funding in late 2022. The investment was jointly made by Beijing-based investment firm Cuihu Capital and Beijing Zhongguancun Science City Construction Holding Co., Ltd, a conglomerate backed by the Chinese Academy of Science, according to a statement published on June 14. Best known for developing advanced driver assistance systems (ADAS) for Li Auto based on Horizon Robotics’ computing platforms, Beijing-based Qcraft said it has facilitated “a top Chinese electric vehicle maker” to deliver nearly 400,000 cars with its Navigation on ADAS (NOA) technology. Among the existing investors in the five-year-old startup are Chinese tech giants Bytedance and Meituan. [Qcraft announcement, in Chinese]