A automotive outfitted with WeRide autonomous driving expertise in Guangzhou, China.
GUANGZHOU, China — Chinese language driverless automotive start-up WeRide has raised $310 million in a brand new spherical of funding because it pushes to commercialize its expertise.
Yutong Group, a Chinese language firm that manufactures business autos together with electrical buses, lead the funding spherical.
Quite a few different new buyers jumped on board whereas current enterprise capital corporations additionally participated.
WeRide didn’t disclose its valuation and declined to remark when contacted by CNBC.
The Guangzhou-based agency is amongst a handful of corporations in China vying to grow to be a frontrunner in driverless automotive expertise. WeRide focuses on constructing the expertise that permits autos to be autonomous relatively than truly manufacturing vehicles.
WeRide’s funding spherical follows a money injection into rival Pony.ai in November which noticed the latter’s valuation prime $5 billion. Different corporations together with search large Baidu, start-up AutoX and ride-hailing agency Didi, are competing in the identical area.
In a press launch, Tony Han, CEO of WeRide mentioned the funding and new buyers will give the corporate the “strategic assets to satisfy the aim of commercializing self-driving expertise.”
In late 2019, WeRide launched a robotaxi challenge in Guangzhou and has since expanded to permit customers to hail a trip via Alibaba’s Amap app. The corporate says it is going to launch trial operations for “Mini Robobuses” on Friday.
WeRide’s CEO Han beforehand advised CNBC that he predicts the large-scale software of robotaxis will happen between 2023 and 2025. He mentioned that WeRide will start to generate profits from the enterprise in 2025.