Robert Bosch Venture Capital GmbH (RBVC), the corporate venture capital company of the Bosch Group, is participating in AutoAI’s $104 million Series A. AutoAI strives to provide integrated Internet of Vehicle (IOV) solutions, based on big data and its smart cloud platform.
“Bosch is a global leader in automotive electronics. Its strategic investment will help AutoAI’s competitiveness and its ability to provide professional IOV services to OEMs” says AutoAI CEO Jing Muhan.
AutoAI’s platform for the connected vehicle aims to bring the rich content and personalised services offered by the internet to the car. The platform includes in-vehicle components, like a telematics box and a vehicle optimised Android operating system, as well as data collection, storage and analysis solutions in the cloud. It further enables service and content provisioning.
Automotive OEMs and content service providers can monitor the performance of the vehicle and deliver real time services and content to the consumer in the car. These include personalised entertainment, weather and traffic information, parking, fueling, insurance and other services. Smart navigation, for example, will allow the driver to see where his friends are and propose a nearby restaurant, tailored to the driver’s preferences and current location.
The company further offers an aftermarket product that gives drivers access to all content and applications on their smartphone through the telematics screen in a driver-friendly way.
The IOV market for connected services in China is developing a strong momentum and is expected to grow from $0.6 billion in 2017 to $39.5 billion in 2030 (source: PwC). It has the potential to unlock values and possibilities for both OEMs and consumers alike. AutoAI’s long-standing experience in serving both these groups positions them uniquely in this new market opportunity.
AutoAI’s founders are Chinese pioneers in navigation mapping. Its management team consists of entrepreneurs and industry veterans in all aspects of its technology and business with successful track records. Among its shareholders and investors are Navinfo, MediaTek, Tencent, Didi and Nio Capital.
“Connected car services are a vital pillar for the future of mobility. AutoAI with its strong partners in the mobile and automotive industry is well equipped to play a significant role in the rapidly growing Chinese Internet of Vehicle market”, says RBVC Managing Director Dr. Ingo Ramesohl.