Solely 4 months after securing Collection B fundraising of $310 million, Chinese language autonomous driving firm WeRide says it has achieved its Collection C funding spherical that brings its post-money valuation to $3 billion.
That is first time the corporate has disclosed its worth. The corporate didn’t share how a lot it has raised this spherical, solely noting that it’s within the “lots of of tens of millions,” in keeping with a press release launched by the corporate. WeRide intends to make use of this funding spherical to spend money on R&D and commercialization as it really works in direction of the next-generation of Stage 4 driving, a time period meaning a automobile can drive with out human intervention in some environments and situations. The corporate can also 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 spherical in December from Chinese language bus maker Yutong. The velocity and scale of those investments alerts that the corporate is burning by cash and hungry for extra, and that buyers are banking on China’s tech. Rival Momenta has additionally obtained massive sums this yr, exceeding its $1 billion in valuation with latest investments of $500 million and complete funding of greater than $700 million.
“WeRide Grasp Platform (WMP), our core autonomous driving know-how resolution has helped to speed up the corporate’s growth,” Tony Han, founder and CEO of WeRide, stated in a press release. “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 business.”
WeRide’s robotaxi pilot in Guangzhou started in 2019, however it started conducting check drives within the metropolis’s Central Enterprise District in January. Not lengthy after, the corporate’s driverless Mini Robobus started street testing in Guangzhou and Nanjing. WeRide turned 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 allow to check its driverless automobiles 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 present buyers CMC Capital Companions, Qiming Enterprise Companions and Alpview Capital.