Chinese autonomous driving technology startup Haomo.ai said it had raised almost CNY1bn (US$157m) in its latest fundraising round, according to local reports.

The Series A round was backed by investors, including Qualcomm Ventures, JZ Capital, GL Ventures, Meituan and Hong Kong-listed Shoucheng Holdings, and valued the Beijing-based company at over US$1bn.

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Haomo.ai said the new funds would be invested in further research and development and to grow its “talent pool”.

Earlier this year the company raised several hundred million yuan from investors including the Shougang Fund, Meituan and GL Ventures.

Haomko.ai CEO Gu Weihao said the Level 2 autonomous driving system was available this year in 34 local models, including Great Wall Motors vehicles.

He expected 1m vehicles to feature the system in the next three years.

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The company also produces unmanned Level 4 trucks at a 5,000 sq m plant in Baoding, Hebei province.