Shanghai (Gasgoo)- Chinese automotive supplier Kongxiang Automotive Technology (Shanghai) Co., Ltd. ("Kongxiang Technologies") announced earlier this month it had successfully closed a Series A funding round worth tens of millions of yuan.
The newly raised capital will be used to scale up mass production for passenger vehicle projects, introduce new initiatives, and expand the company's team.
Founded in 2018, Kongxiang Technologies specializes in the R&D, manufacturing, and sales of intelligent automotive hardware. The company boasts an outstanding imaging vision and engineering development team, along with production facilities certified under ISO and IATF 16949 standards. Its expertise lies in delivering advanced imaging vision algorithms and active hardware solutions.
One of its flagship products, a fully in-house developed camera monitoring system (CMS), has been widely adopted in both passenger and commercial vehicle markets. The CMS features ultra-low system latency of under 40 milliseconds, exceptional image quality, and integrated AI image processing, enabling seamless adaptation to extreme driving conditions. Its flexible external interface allows for extensive customization, offering high-value solutions to automakers.
The implementation of China's GB15084-2022 standard in 2023 has driven a surge in demand for electronic rearview mirror systems, marking a golden era for CMS development. Leading Chinese automakers—including Geely, Lotus Cars, BYD, BAIC Group, and AVATR—have increasingly integrated CMS into their key vehicle models.
According to industry analysts and experts, while CMS currently carries a high per-vehicle cost, advancements in technology and economies of scale are expected to bring unit costs down to the thousand-yuan level in the near future. This price reduction is projected to significantly boost CMS adoption, with the market's total value expected to surpass 10 billion yuan within the next five years.
