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WeRide raises $310m in latest fundraising round

By Cheng Yu | chinadaily.com.cn | Updated: 2021-01-14 10:31
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WeRide, China's leading Level 4 autonomous driving company, said on Thursday that it has raised a total of $310 million in its series B round of fundraising and kicked off its series C round of financing.

Level 4 autonomy means that the vehicle can drive autonomously in most conditions without a human driver.

The new round was led by Yutong Group and attracted investors including CMC Capital Partners, CDB Equipment Manufacturing Fund, Hengjian Emerging Industries Fund, Zhuhai Huajin Capital and Tryin Capital. Its previous investors Sinovation Ventures, Qiming Venture Partners and Kinzon Capital also participated in this round.

"WeRide is capturing the upward trend in the development of AI-empowered mobility industry, and further accelerates research and development and the commercialization of our technologies. We will strengthen the stability and safety of self-driving systems, operate our services while adhering to regulations, and strive to bring more self-driving products to the market," said Tony Han, founder and CEO of WeRide.

Li Ruigang, founding partner of CMC Capital Partners, said that self-driving technology, like new energy vehicles, will rise to become one of the popular themes of the equity market. With an edge in core technologies and the brilliant performance of the WeRide Robotaxi operation, the first of its kind in China, WeRide has made a great impact, he said.

Kai-Fu Lee, Sinovation Ventures chairman and CEO, said: "WeRide is the seventh AI unicorn Sinovation Ventures has invested in. We are looking forward to seeing WeRide accelerate the implementation of more self-driving services, such as robotaxis and mini robobuses, and firmly believe that WeRide will grow into a world-class self-driving business in the era of AI and continue to lead in the smart mobility market."

Starting from Friday, WeRide will launch trial operations of its mini robobuses on Guangzhou International Bio Island, covering all of its business and commercial districts.

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