Momenta raises $870M in Hong Kong IPO as Uber deepens its bet
What's the deal? Chinese autonomous driving company MomentaDealroom has a profile for this one. Try Dealroom → raised 6.8 billion HKD (roughly $870 million) in its Hong Kong IPO, listing on September 8. Uber's subsidiary SMB HoldingsDealroom has a profile for this one. Try Dealroom → picked up an additional 397,600 shares in the offering.
The backers: Uber, which already held 791,055 shares from Momenta's Series C last September, now owns about 1.19 million shares. At the IPO price of 295.6 HKD per share, that stake is worth around 351 million HKD (about $45 million).
Why now? Momenta plans to put roughly 20% of the proceeds into commercialising its robotaxi business. The listing gives it capital as it moves from testing toward paid services.
The expansion: Momenta has won approval from Germany's Federal Motor Vehicle Authority (KBA) to test Level 4 autonomous vehicles on urban roads nationwide — a first for a Chinese firm in the country. It plans to launch robotaxis with Uber in Munich, its first European test and service city.
What's the endgame? The German permit lets Momenta test across the country without applying for separate city permits, in a market known for strict autonomous driving rules. Germany is home to Mercedes-BenzDealroom has a profile for this one. Try Dealroom →, BMWDealroom has a profile for this one. Try Dealroom →, AudiDealroom has a profile for this one. Try Dealroom →, and VolkswagenDealroom has a profile for this one. Try Dealroom →.
Chinese Executive officer Cao Xudong said Germany's regulations form a "strict and comprehensive system that puts public safety first," adding that Momenta's world model is designed to "understand situations beyond seeing road conditions."
The signal: Momenta's investor base — Uber, Grab, Abu Dhabi's LumoDealroom has a profile for this one. Try Dealroom →, and SAICDealroom has a profile for this one. Try Dealroom → affiliate EnjoyGoDealroom has a profile for this one. Try Dealroom →, plus early backer Mercedes-BenzDealroom has a profile for this one. Try Dealroom → — shows Chinese self-driving technology extending into Western markets and legacy carmakers alike.
Read more: dailycar.co.kr
Image credit: Momenta.ai
