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Nullmax Valuation, Funding & Investors
Nullmax is valued at $287M as of October 2023.
Last Nullmax valuation
$287M
Series B · Oct 2023
Last Nullmax funding round
Series C
Amount undisclosed · Dec 2025
Cumulative funding Nullmax raised
$107M
across 2 funding rounds
Key investors in Nullmax
Yanshan Technology
About Nullmax
Nullmax is a Beijing-based AI company focused on Level 4 autonomous driving systems for robotaxis and logistics vehicles. Founded in 2021, it deploys sensor fusion with LiDAR, radar, and cameras on NVIDIA Orin hardware, logging 10 million km of test data. Nullmax partners with BAIC for urban fleets in Shanghai and Shenzhen pilots.
Founded
2016
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Licensing
Valuation
$287M (Oct 2023)
Nullmax Valuation
Nullmax is currently valued at $287M, based on its Series B in October 2023.
The $107M round was led by Yanshan Technology.
Nullmax valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Oct 2023 | Series B | $287M |
Nullmax Funding History
Nullmax has raised a total of $107M across 2 funding rounds.
Nullmax's first fundraising round was a $107M Series B in October 2023. The most recent completed round was a Series C in December 2025.
Nullmax funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2025 | Series C | - | - | - | Nullmax is an AI technology company founded in 2016, specializing in autonomous driving software with a Machine Learning First (MLF) approach, offering platform-based systems for driving-parking integration deployed in mass-produced vehicles and collaborating with global OEMs and Tier 1 suppliers. The company provides high-integration intelligent driving solutions optimized for mid-range chips like Qualcomm SA8775 and Black Sesame C1296 to cover scenarios from smart forward-facing cameras to urban assisted driving. Nullmax (Cayman) had a post-Series B valuation of RMB 2,757.5 billion prior to its Series C capital increase. In December 2025, Nullmax raised $10M in a C1/strategic round from an unnamed chip company, bringing total funding to around $120M-$142M across six rounds, with investors including Stonehill Technology, FutureX Capital, and Desay SV Automotive. Earlier, in October 2023, Nullmax secured $110M in Series B led by Shanghai Stonehill Technology. |
| Oct 2023 | Series B | Yanshan Technology (lead) | $107M | $287M | Nullmax is an AI technology company founded in 2016 in Silicon Valley, specializing in autonomous driving with products like MaxDrive and MaxVision for intelligent driving systems and visual perception modules. It partners with OEMs such as SAIC Motor, Chery, and JMC, and follows a Machine Learning First (MLF) approach with platform-based software for driving-parking integration solutions deployed in mass-produced vehicles. The company expanded to Shanghai in 2017 and focuses on R&D in machine learning and vision perception. On October 12, 2023, Nullmax completed its Series B funding round, raising approximately 780 million CNY ($106.8-110 million USD), led by Shanghai Stonehill Technology Co., Ltd. (also referred to as Stonehill Technology or Yanshan Technology), with participation from existing shareholder Stonehill Technology Limited and other investors. The financing details include Shanghai Stonehill injecting capital at a pre-investment valuation of approximately 1.98 billion CNY, increasing Nullmax's capital by 675 million CNY to acquire a 26.12% stake, plus acquiring additional shares at a pre-transfer valuation of 1.88 billion CNY from founders and shareholders like Desay SV for a 13.08% stake, resulting in Stonehill holding 39.20% equity and 50.20% voting rights post-transactions. Proceeds will expand the team, enhance delivery capabilities, accelerate R&D, and support new products, businesses, and market expansions. Nullmax competes in the autonomous driving space with firms like Calterah and has raised over $142M total across rounds, with a later Series C in 2025. |
Who has invested in Nullmax?
1 investor has backed Nullmax across its funding rounds, including Yanshan Technology.
Lead investors include Yanshan Technology.
Nullmax Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Start Free TrialNullmax Competitors
Nullmax competitors include listed companies like UBtech Robotics and Kodiak AI, and private ones like StradVision, TurbineOne, Seoul Robotics and D-Robotics.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $298M | ($108M) | $5.1B | 9.5x | ||
| Private | $32M | - | $279M | 8.7x | ||
| Private | - | - | $300M | - | ||
| Private | - | - | $188M | - | ||
| Private | - | - | $450M | - | ||
| Publicly listed | $4M | ($577M) | $768M | 98.7x |
Nullmax Public Comps
Nullmax is still privately-owned, but its public comps include Palladyne AI, DOF Robotics, Seeing Machines, Volatus Aerospace, Swarmer, Robo.ai, ECARX Group, Cmes Robotics, Kudan and Innoviz.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $5M | ($27M) | 47.8x | 13.0x | (9.4x) | (7.8x) | |||
| $21M | $8M | 13.3x | - | 36.7x | - | |||
| $62M | ($6M) | 5.4x | 3.9x | (56.5x) | 52.2x | |||
| $25M | ($8M) | 12.5x | 11.1x | (37.6x) | (38.6x) | |||
| $310K | ($8M) | 1023.2x | 101.7x | (37.3x) | (29.1x) | |||
| $950K | ($156M) | 193.3x | - | (1.2x) | - | |||
| $848M | ($23M) | 1.1x | 0.9x | (40.7x) | 60.0x | |||
| $10M | ($12M) | 14.0x | - | (11.0x) | - | |||
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Common questions about Nullmax
| When was Nullmax founded? | Nullmax was founded in 2016. |
| Where is Nullmax headquartered? | Nullmax is headquartered in San Francisco, CA, United States. |
| Is Nullmax publicly listed? | No, Nullmax is a private, VC-backed company. |
| What is Nullmax's valuation? | Nullmax was last valued at $287M in its Series B in October 2023. |
| How much funding has Nullmax raised? | Nullmax has raised $107M across 2 funding rounds. |
| What was Nullmax's last funding round? | Nullmax's last funding round was a Series C in December 2025. |
| Who are Nullmax's investors? | Nullmax's investors include Yanshan Technology. |
| Which companies are comparable to Nullmax? | Companies comparable to Nullmax include UBtech Robotics, StradVision, TurbineOne, Seoul Robotics, D-Robotics and Kodiak AI. |
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