Chinese autonomous driving startup Momenta announced it had raised a further US$500m in its latest investment round, bringing total funds raised in its Series C financing to over US$1bn.

SAIC Motor participated in this latest round while General Motors invested US$300m in the company back in September. Other key auto industry investors included Bosch and Toyota while notable non-industry investors were Yunfeng Capital and Singapore’s Temasek Holdings.

Momenta CEO Cao Xudong said in a statement: “The addition of these partners and capital will help us accelerate the implementation of autonomous driving on a larger scale”.

Momenta, established in 2016, developed Mpilot automated driving software for private vehicles which uses high definition (HD) automated mapping and data driven algorithms. Its Mpilot X provides autonomous end to end driving with full driving scenario coverage and key functions including Mpilot Highway, Mpilot Urban and Mpilot Parking, the company said in a statement.

The company, which has raised US$1.2bn so far, said it planned to test driverless vehicles in 2022 ahead of making its system available for series production. It expects to become profitable in 2024.