Chinese autonomous driving company Momenta is pursuing a fresh funding round at a valuation exceeding $5bn, reported Bloomberg, citing sources familiar with the matter.  

The Beijing-based firm, which counts Temasek, Tencent and Jack Ma’s Yunfeng Capital among its backers, is working with advisers to assess interest from prospective investors. 

Initially, the company is seeking several hundred million dollars, though the size could increase depending on investor demand, the sources added.  

A successful raise could support future plans for a stock market listing. 

Founded in 2016, Momenta supplies advanced driver-assistance systems to carmakers and operates robotaxi services in locations ranging from Shanghai to Munich.  

Its investors and customers include China’s SAIC Motor, US-based General Motors and Japan’s Toyota.  

Momenta confidentially filed for a US initial public offering last year, with timing contingent on market conditions. 

Asked about the prospective funding, a Momenta spokesperson disputed the reported terms, saying: “The figures and progress reported are inaccurate, but it is not convenient to disclose the exact details at this time.” 

Chinese robotaxi developers such as Baidu’s Apollo Go, WeRide and Pony AI are seeking capital to expand into markets including the Middle East, Europe and Southeast Asia.  

Many of these companies focus on supplying technology and partnering with car manufacturers and ride-hailing platforms such as Uber and Grab Holdings for deployment. Pony AI and WeRide listed in the US last year. 

Momenta’s founder and chief executive, Cao Xudong, previously worked as a researcher at Microsoft Corp. in Beijing and at SenseTime Group, according to his LinkedIn profile. He holds a bachelor’s degree in engineering mechanics from Tsinghua University. 

Earlier this month, Uber and Momenta said they plan to begin testing Level 4 autonomous vehicles in Germany in 2026.  

The companies intend to integrate Momenta’s technology into Uber’s global platform to enable a “safe, scalable, and efficient robotaxi service in Europe and beyond.”  

Munich, described as having a “deep-rooted engineering heritage, top-tier automotive ecosystem, and openness to innovation,” is slated as the initial test location, with trials expected to extend to other European cities and serve as a launchpad for commercial services.