WeRide, an autonomous vehicle venture, has secured new funds valued at $3.3 billion dollars.
The Nissan-backed startup did not reveal the amount earned, but said it was in the “hundreds of millions” from venture capitalists.
WeRide is one of the Chinese firms vying for a global leadership position in autonomous driving, and it has been researching robotaxis in Guangzhou.
GUANGZHOU, CHINA (Reuters) – WeRide, an autonomous vehicle venture, has secured new funds valued at $3.3 billion dollars.
The Nissan-backed startup did not reveal the amount earned, but said it was in the “hundreds of millions” from venture capital firms such as IDG Capital and Sky9 Capital. The round included a host of other sponsors and potential donors.
According to Tony Han, CEO of WeRide, the new funds will be used for research and development as well as commercialization “with the aim of providing large-scale autonomous mobility in the near future.”
WeRide is one of the Chinese companies vying for a global leadership position in the autonomous driving sector.
In the southern Chinese city of Guangzhou, where it is headquartered, it launched a robotaxi project in 2019. The service has been available to the general public in a limited section of the city since last year.
The California Department of Motor Vehicles (DMV) granted WeRide permission to perform driverless tests on public roads in San Jose in April.
Pony.ai, which raised $267 million in November, and AutoX are among the other start-ups in the competition. Larger technology companies, such as Baidu, the Chinese search engine, and Didi, the ride-hailing group, are also looking into the space.
WeRide’s most recent round of investment follows a $310 million cash infusion in January.
WeRide’s CEO previously told CNBC that he believes large-scale robotaxis deployment will occur between 2023 and 2025. WeRide will start making money from the company in 2025, according to him.
The firm does not produce automobiles. Instead, it licenses the self-driving technology to other automakers.
