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    Home»Fundraising»Chinese robotaxi unicorn WeRide bags over $600M in 5 months
    Fundraising

    Chinese robotaxi unicorn WeRide bags over $600M in 5 months

    June 23, 20211 Min Read
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    It’s hard to keep up with the fundraising spree in China’s autonomous driving industry these days. Guangzhou- and California-based robotaxi company WeRide, which counts Renault-Nissan-Mitsubishi Alliance as one of its strategic investors, has raised over $600 million in just under five months from its Series B and C financing rounds.

    The four-year-old upstart said in May that its valuation leaped to $3.3 billion in its Series C fundraising. WeRide has kept details of the backing to itself until today when it disclosed the investment was a lofty sum of $310 million from Alliance Ventures, a strategic venture capital fund operated by Renault-Nissan-Mitsubishi, China Structural Reform Fund, a Chinese state-owned private equity fund, and Pro Capital, which manages China’s CDB Equipment Manufacturing Funds.

    This is the second time Renault-Nissan-Mitsubishi has shelled out money for WeRide following its initial strategic investment back in 2018. The follow-on funding came as the two companies strengthen ties to develop Level 4 driving vehicles for the Chinese market. Electric cars from the Dongfeng-Nissan joint venture, automated by WeRide software, have been providing robotaxi service in Guangzhou for 18 months. WeRide uses Nissan vehicles in California for research and development.

    Read more/Source: Tech Crunch

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