Chinese autonomous vehicle technology startup Haomo Technology Company said it had just closed an initial round of fundraising, according to reports in China.

The company was said to have generated around CNY300m in a pre-A-round fundraising, launched originally in 2020, having attracted investors such as SG Fund, Meituan and Hillhouse Ventures .

Haomo was established in November 2019 after Great Wall Motors (GWM) spun off its former autonomous driving department into an independent company.

The new firm employs a team of former GWM engineers specialising in the development of autonomous driving, artificial intelligence (AI) and connected technology, as well as traditional automotive engineers.

Despite its short history, the company says it had nearly ten years of experience in developing intelligent driving systems as part of Great Wall Motor

Haomo recently launched an autonomous driving system for passenger cars which it claims is the first domestically developed Level 3 system available commercially in China.

The company aims to lead the autonomous driving segment in China in terms of system safety, product experience and scenario coverage.

It was reported separately Haomo had recruited the former head of Baidu Intelligent Vehicle Division, Gu Weihao, as CEO.

He joins Zhang Kai and Zhen Longbao, formerly general manager and director of GWM's Intelligent Driving division respectively.