Nullmax Won Pre-Series A Round of Industrial Financing and Achieved Strategic Cooperation with Desay SV Automotive

SHANGHAI, April 17, 2019 /PRNewswire/ -- Nullmax, an autonomous driving technology company, announced on April 16, local time, that it has closed a Pre-Series A round of industrial financing, which came from Desay SV Automotive Electronics Co., Ltd. (hereinafter referred to as "Desay SV Automotive"), 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. The two parties have been keeping close communication, and this round of financing is achieved by the facilitation of their intention and long-term cooperation.

Headquartered in Shanghai, China, Nullmax is one of the earliest 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 characterized by advanced technology, stability and reliability with outstanding cost advantage. At present, the complete autonomous driving solution developed by Nullmax has stepped into the optimization stage before mass production and will be launched in the near future.

The cooperation between Nullmax and Desay SV Automotive has fully developed in terms of 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 hundreds of experts, to guarantee all aspects of the development, customization 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 commercialization 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 commercialization of ridesharing and attract more capital to accelerate the next phase of the commercial development.

Desay SV Automotive is an independently listed renowned company providing automotive electronics and service, known for excellence in strength and also has a good reputation with comprehensive solutions for intelligent connections. Desay SV Automotive abounds with resources and experience in R&D, supply chain, manufacturing, and auto plant cooperation among others. They also provide such intelligent products and services as intelligent cockpit, intelligent driving and Internet in Vehicles, among which, makes a broad layout for intelligent driving in particular. One point that needs noting is that 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 Center of Desay SV Automotive, said, "Through the observation and study of many national autonomous driving startups, we know pretty well about Nullmax and highly recognize it with its autonomous driving software and algorithm strengths. We are pleased to make a strategic investment in this outstanding autonomous driving company and deepen our partnership. 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 recognized by the market and customers for the industry by making use of our respective strengths."

In the future, the two parties will give full play to their respective strengths on the ground of the strategic cooperation, and work together to help auto plants offer better travel experience.

SOURCE Nullmax