WeRide secures new funding round - Just Auto
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WeRide secures new funding round

By David Leggett 14 May 2021 (Last Updated May 17th, 2021 09:07)

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

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.