Autonomous driving firm Fabu,backed by Sinovation Ventures, has raised over RMB 100 million in a Series B2 funding round. The investment, led jointly by Anhui Railway DevelopmentFund and Zhejiang University Education Foundation, will primarily be used to develop self-driving technology aimed at helping traditional industries, such as port operations, achieve intelligent upgrading and transformation.
Founded in 2017, Fabu is an AIcompany committed to developing fully automated driverless technology and providing driverless horizontal transportation systems and technology services for traditional and newly built automated terminals. In 2022, the companywas recognized as a national "Small Giant" enterprise.With a full-stack self-developed product system, including the L4 vehicle side intelligent driving system, Fabu has successfully tackled some of the industry's most pressing issues, such as high infrastructure investment and long landing cycles. Its technology has undergone long-term stable commercialization landing verification in some of the world's largest ports.
In September 2022, Fabu dedicatedto developing fully automated driverless technology and providing driverless horizontal transportation systems and technology services, completed the signing of a Phase-4 cooperation with Ningbo-Zhoushan Port Meidong Company to expand the application of L4-class unmanned collector trucks in the port. The more than 60 such vehicles deployed in the port, over 20% of the total collector trucks, now form the world's largest single terminal unmanned collector truck fleet. Fabu has also contributed to the construction of the Nantong Port automated port area and built the first unmanned truck fleet in Jiangsu Province. The "2021-2022 China Port Unmanned Industry Development Blue Book" highlights Fabu's significant market share nationwide, having achieved port business coverage in two major economic provinces, Zhejiang and Jiangsu.
Witha year-on-year increase in the scale of its fleet, Fabu has established a stable and healthy revenue model by providing unmanned horizontal transportation technology services to its customers. Next, Fabu plans to expand its commercial landing in logistics, public transportation, travel, and other scenarios, helping traditional industries to upgrade their intelligent and unmanned technologies.