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 current transaction values WeRide at USD3bn.
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.
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.