Chinese artificial intelligence (AI) technology company MINIEYE this week raised CNY270m (US$40m) in a C-Round of financing, which will help it strengthen its position in the autonomous driving technology segment. Key investors include Oriental Fortune Capital, Harvest Investments and Vision Plus Capital.

MINIEYE was founded in 2013 to provide reliable sensing and decision-making solutions for autonomous vehicles through the use of AI. The company says it aims to help improve road safety by reducing traffic accidents through the use automation.

The company's AI-based systems help self-driving vehicles asses the surrounding environment and improve automated decision-making. Its systems have been used by a number of major automotive customers including General Motors, SAIC Motor Corporatrion, BYD Auto and Dongfeng Motor.

MINIEYE's founder and CEO Liu Guoqing said the additional investment will help fund development of advanced automated driving technologies, help it deliver mass-produced large-scale products, strengthen its supply-chain/purchasing operations and improve overall cashflow.