WeRide said on Wednesday that it has raised a $ 200 million strategic round of Chinese bus company Yutong, and weRide is one of the most funded startups in China working to develop autonomous driving capabilities.
WeRide has not revealed its ratings for this tour, the first tranche of its Series B tour
Huge investments are not uncommon in companies like WeRide that are developing the next generation of the Tier 4 driving standard, which indicates that the car can handle most driving situations independently without the slightest human intervention.
Yutong, a 57-year-old company, to create self-driving minibuses and city buses as well as work on research and development, vehicle platforms and mobility services together.
The new funding will see a collaboration between WeRide and Yutong as the partners have already jointly developed a front-loaded driverless minivan for mass production.
WeRide said the model, which comes without a steering wheel, accelerator or brakes, is designed to operate on open urban roads.
In 2018, after the start-up’s first round was completed, Alliance Ventures, the strategic venture capital arm of Renault-Nissan-Mitsubishi, became the strategic investor of WeRide, which was funded in part by Chinese facial recognition company SenseTime.
In China, self-driving startups are racing where they lack cash, prompting them to show their progress in part to attract funding for their businesses. For example, Alibaba-backed AutoX has begun rolling out driverless cars on the roads in Shenzhen in a bold move.
WeRide and its competitors are testing different levels of autonomous vehicles in both the United States and major Chinese cities as domestic policies support future transportation technology.
A WeRide spokesperson said. “Our B Series tour attracted a lot of attention.”
Because the position of capital in China is changing and increasing optimism about autonomous driving and its commercial future after the COVID-19 pandemic. Many investments are taking place in this field because investors do not want to miss out on any potential leaders in self-driving.
WeRide’s competitors Pony.ai in its backyard include Guangzhou, AutoX, and Deeproute.ai in Shenzhen, Momenta in Suzhou, and Baidu in Beijing.