Connect with us

Hi, what are you looking for?

Online Business Success

Chinese robotaxi unicorn WeRide bags over $600M in 5 months – TechCrunch


It’s hard to keep up with the fundraising spree in China’s autonomous driving industry these days. Guangzhou- and California-based robotaxi company WeRide, which counts Renault-Nissan-Mitsubishi Alliance as one of its strategic investors, has raised over $600 million in just under five months from its Series B and C financing rounds.

The four-year-old upstart said in May that its valuation leaped to $3.3 billion in its Series C fundraising. WeRide has kept details of the backing privy until today when it disclosed the investment was a lofty sum of $310 million from Alliance Ventures, a strategic venture capital fund operated by Renault-Nissan-Mitsubishi, China Structural Reform Fund, a Chinese state-owned private equity fund, and Pro Capital, which manages China’s CDB Equipment Manufacturing Funds.

It’s unclear how much WeRide has raised since its inception as some of its investments were undisclosed. It pulled in “tens of millions of dollars” from a Series A round.

This is the second time Renault-Nissan-Mitsubishi has shelled out money for WeRide following its initial strategic investment back in 2018. The follow-on funding came as the two companies strengthen ties to develop Level 4 driving vehicles for the Chinese market. Electric cars from the Dongfeng-Nissan joint venture, automated by WeRide software, have been providing robotaxi service in Guangzhou for 18 months. WeRide uses Nissan vehicles in California for research and development.

Ashwani Gupta, COO of Nissan, gave an assuring statement about the partnership: “As China stands at the forefront of helping define the future of mobility, we are delighted to partner with WeRide to bring even more innovative technologies and services to enrich people’s lives in China.”

WeRide similarly sounded rosy about the alliance with Nissan. “Throughout the past three years, they have been playing a critical role in supporting WeRide’s autonomous driving platform, hence, enabling us to establish a leading fleet of robotaxis,” said Tony Han, WeRide founder and CEO .

Advertisement. Scroll to continue reading.

“With the continued support of Nissan, we will accelerate the commercial use of our driverless robotaxis in China.”



Source link

Click to comment

Leave a Reply

Advertisement

Latest

Technology

Apple has released security updates to fix two zero-day vulnerabilities, with one publicly disclosed and the other exploited in the wild by attackers to...

Loan And Finance

ACORD, the standards-setting body for the global insurance industry, has kickstarted 2022 by announcing its updated board of directors, which consists of...

Social Media

After previewing it as a coming feature within its announcement of the expansion of remixable videos on the platform last week, Instagram has now...

Top Stories

Crypto investors are beginning to feel a sense of hope once more on Jan. 26 as the wider cryptocurrency market is seeing green and...

Loan And Finance

Nurse Yvette Laugere adjusts her N95 mask while working at a newly opened free COVID-19 testing site operated by United Memorial Medical Center in...

Technology

Source: Joseph Keller / iMore Apple has won more than a few awards for its Apple TV+ streaming service but its latest wins aren’t...

Social Media

TikTok has launched a new, video-aligned platform training course for marketers, designed to provide tips and insights on how to make best use of...

Technology

What just happened? Sony officially began quietly rolling out media uploading on Tuesday. PlayStation 5 owners can more easily share their favorite screenshots in...

Advertisement

You May Also Like

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

SEO Guide

How to index website on Google? Do you want to drive more organic traffic to your new website? I am sure your answer is...

Blogging

In this post, I will discuss the top ten profitable blogging niches ideas for Adsense approval and high traffic. whether you use Blogger or...

SEO Guide

Want to rank in Google image search? Images that you use as a featured images when writing a post actually appear on Google Images...

Advertisement