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May 14, 2021updated 17 May 2021 9:07am

WeRide secures new funding round

Chinese AV development tech startup company secures investment from a range of investor groups

By David Leggett

WeRide, a China-based autonomous driving company, has secured Series C funding from investors including 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 .

The latest fundraising round came just four months after the company raised US$310m in its series B fundraising round in January and is said to have lifted WeRide’s valuation to US$3.3bn.

WeRide intends to use the latest funding round 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 some environments and conditions. The company is also using the funds to prepare to commercialize its technology.

WeRide CEO Tony Han said in a statement “with the new round of financing, WeRide will continue to invest in research and development and commercialization, with the aim of delivering large-scale autonomous mobility”.

In 2019, WeRide launched the first open to public self-driving Robotaxi service in Guangzhou, China, covering an area of more than 144km². The company is based in Guangzhou.

The company says it has received strategic investments from global automakers, including Renault-Nissan-Mitsubishi Alliance and Yutong Group. WeRide is the first startup in the world that holds driverless test permits in both China and the US.

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