WeRide, a Guangzhou-based startup that excels in autonomous driving technology, hits a $3.3 billion valuation after raising $310 million in the series-C funding. Series-C funding is mostly the last stage in venture capital financing to help raise capital in startups. If the investors chose a company for Series-C funding, it typically means that the company is already successful.
WeRide is a Startup, Headquartered in Guangzhou, China. WeRide Focuses on offering the most advanced autonomous vehicles to ensure safe rides. It is the first startup in the world that holds driverless test permits in China and the United States. WeRide has launched the first Robo Taxi service in Guangzhou, China, in November 2019. It has over 140 million active users in China.
WeRide has made it to the last round of venture capital financing, Series-C funding. Alliance Ventures, CDB Equipment Manufacturing Industrial Investment Fund, and China Structural Reform Fund lead the investment.
Alliance Venture, the strategic venture capital fund administered by Renault Nissan Mitsubishi (RNM) Alliance, invests in WeRide for the second time after taking part in Series-A funding in 2018 as a leading investor. Nissan appears to continue their collaboration with WeRide to advance autonomous driving technologies and enhance its business in China.
Tony Han, the Founder, and CEO of WeRide said:
“Being a top-notch player in the automobile industry, Nissan has been a key partner of ours. Throughout the past three years, they have been critical in supporting WeRide’s autonomous driving platform, hence, enabling us to establish a leading fleet of Robo Taxis. Being the first of its kind, the fleet provides a safe autonomous driving service to the public for over 18 months thus far. With the continued support of Nissan, we will accelerate the commercial use of our driverless Robotaxis in China.”
IDG Capital, Yutong Group, a global bus manufacturer, are some of the other investors of WeRide. WeRide has reached over $600 million in fundraising over the past five months. The startup is currently moving forward with the commercialization of Robotaxi and Mini Robo Bus.