Only 4 months after securing Series B fundraising of $310 million, Chinese autonomous driving firm WeRide says it has achieved its Series C funding spherical that brings its post-money valuation to $3 billion.
This is first time the corporate has disclosed its worth. The firm didn’t share how a lot it has raised this spherical, solely noting that it’s within the “a whole bunch of thousands and thousands,” based on an announcement launched by the corporate. WeRide intends to make use of this funding spherical to put money into R&D and commercialization as it really works in direction of the next-generation of Level 4 driving, a time period meaning a car can drive with out human intervention in some environments and situations. The firm can be utilizing the funds to arrange to commercialize its know-how.
WeRide has scored a slew of huge investments over the previous yr, together with its $200 million strategic round in December from Chinese bus maker Yutong. The pace and scale of those investments alerts that the corporate is burning by means of cash and hungry for extra, and that buyers are banking on China’s tech. Rival Momenta has also received large sums this year, exceeding its $1 billion in valuation with current investments of $500 million and complete funding of greater than $700 million.
“WeRide Master Platform (WMP), our core autonomous driving know-how resolution has helped to speed up the corporate’s improvement,” Tony Han, founder and CEO of WeRide, stated in an announcement. “This drives the profitable operation of our Robotaxi service in Guangzhou since 2019 and the introduction of the WeRide driverless Mini Robobus, a totally new product class to the autonomous trade.”
WeRide’s robotaxi pilot in Guangzhou started in 2019, nevertheless it started conducting take a look at drives within the metropolis’s Central Business District in January. Not lengthy after, the corporate’s driverless Mini Robobus started highway testing in Guangzhou and Nanjing. WeRide grew to become the primary autonomous driving firm in China to safe an official license for on-line car-hailing operations in February, and in April, the California DMV issued WeRide a permit to test its driverless vehicles on public roads in San Jose, California.
Many buyers participated on this most up-to-date spherical, together with IDG Capital, Homeric Capital, CoStone Capital, Cypress Star, Sky9 Capital and K3 Ventures, in addition to current buyers CMC Capital Partners, Qiming Venture Partners and Alpview Capital.