A rendering of Shanghai Concept Coast Technology Co's automatic driving mass production base in Anting town, Jiading district. [Photo/WeChat account: sh-jiading]
The domestic millimeter wave radar leading company Chuhang Tech completed a B round of financing led exclusively by the investment firm CCV, and has completed a total of nearly 300 million yuan ($47.46 million) in financing to date, local media reported on March 10.
The financing will assist its wholly owned subsidiary company Shanghai Concept Coast Technology Co complete the construction of an automatic driving mass production base in Anting town, Jiading district.
Integrated with research, development, production and sales, the base will contribute to the application of millimeter wave radar in fields like autonomous driving, intelligent transportation, vehicle-road coordination, intelligent security and robot autonomous driving in order to bring innovation and development to the automobile intelligent components sector in Jiading district.
With a total investment of 250 million yuan, the construction of the base is expected to be completed within 12 months. The base will be put into production within six months after completion and reach production within 12 months and the annual output value is expected to reach 500 million yuan.
According to Shanghai Concept Coast Technology Co, its sales department and R&D department will also be established in Anting town, Jiading district.