Just four months after securing a $ 310 million Series B fundraiser, Chinese self-driving company WeRide said it had completed its Series C funding round which takes its post-monetary valuation to $ 3 billion.
This is the first time that the company has revealed its value. The company did not share how much it raised that round, noting only that it numbered “in the hundreds of millions,” according to a statement released by the company. WeRide intends to use this round of funding to invest in R&D and commercialization as it works towards the next generation of Level 4 driving, a term that means a vehicle can drive without human intervention in certain areas. environments and conditions. The company is also using the funds to prepare to commercialize its technology.
WeRide has made a series of significant investments over the past year, including its $ 200 million strategic cycle in December from Chinese bus maker Yutong. The speed and scale of these investments indicate that the company is burning money and hungry for more, and that investors are banking on Chinese technology. Rival Momenta has also received significant sums this year, surpassing its $ 1 billion valuation with recent investments of $ 500 million and total funding of over $ 700 million.
“WeRide Master Platform (WMP), our leading autonomous driving technology solution, has helped accelerate the development of the company,” said Tony Han, Founder and CEO of WeRide, in a statement. “This leads to the successful operation of our Robotaxi service in Guangzhou since 2019 and the introduction of the WeRide Driverless Mini Robobus, a whole new product category for the autonomous industry.”
WeRide’s robotaxi pilot in Guangzhou started in 2019, but it began road testing in the city’s central business district in January. Soon after, the company’s Driverless Mini Robobus began road tests in Guangzhou and Nanjing. WeRide became the first autonomous driving company in China to obtain an official license for online car phone operations in February, and in April, the California DMV issued WeRide a license to test its driverless vehicles on the roads. public in San Jose, California.
Many investors participated in this last round, in particular IDG Capital, Homeric Capital, CoStone Capital, Cypress Star, Sky9 Capital and K3 Ventures, as well as existing investors CMC Capital Partners, Qiming Venture Partners and Alpview Capital.