WeRide, China’s most heavily funded startup, developing autonomous driving capabilities, said on Wednesday it raised a $ 200 million strategic round from Chinese Bus manufacturer Yutong.
Mega investments are not uncommon in companies like WeRide developing the next generation Level 4 driving standard, indicating that the car can handle the majority of driving conditions independently without human intervention.
Vireide did not disclose its evaluation for this round, which is the first installment of its Series B round, a company spokesperson told TechCrunch.
The new funding will see WeRide joining hands with Yutong, a 57-year-old company that has worked together on autonomous driving minibuses and city buses, as well as R&D, vehicle platforms and mobility services. The partners have already developed a front-load driverless minibus for mass production. Wareing said the model, which comes without a steering wheel, accelerator or brake, is designed to operate in urban open roads.
Alliance Ventures, a strategic venture capital alliance of Renault-Nissan-Mitsubishi, becomes a strategic investor for Vireide In 2018 Following the completion of the Series A round of startups, which was partially funded by Chinese facial recognition giant SenseTime.
Autonomous driving startups in China are racing to show their progress to attract money for their cash-bleeding businesses. For example, Alibaba supported AutoX, Started deployment of driverless cars The streets in a bold move in Shenzhen. Vireide and its rivals are testing different levels of autonomous driving vehicles in both the United States and major Chinese cities where local policies are supporting futuristic transportation technology.
“Capital’s attitude about autonomous driving and its business future is changing and growing rapidly after the COVID-19 epidemic.” [in China]. There are many investments taking place in this place as investors do not want to miss any potential leaders in autonomous driving, ”said a spokesperson for Viread. “Our series B round has attracted a lot of interest.”
WeRide’s rivals include Pony.ai with its back yards in Guangzhou, AutoX and Deeproute.ai in Shenzhen, Momenta in Sunta, Baidu in Beijing to name a few.