Chinese Robotaxi Company, WeRide Raised Over $600M from Series B and C Financing in 5 months
WeRide, a Chinese robotaxi company, has raised over $600 million from its Series B and C financing rounds in just under 5 months.
In May, the four-year-old upstart, that counts Renault-Nissan-Mitsubishi Alliance as one of its strategic investors, said that its valuation leaped to $3.3 billion in its Series C fundraising.
WeRide has kept the details of the round confidential until today when it disclosed the investment was $310 million. The investments came from a strategic venture capital fund operated by Renault-Nissan-Mitsubishi, Alliance Ventures, a Chinese state-owned private equity fund, China Structural Reform Fund, and China’s CDB Equipment Manufacturing Funds, Pro Capital.
However, there is uncertainty about how much WeRide has raised in total since its inception as some investments were undisclosed.
In the series B round, Renault-Nissan-Mitsubishi Alliance has shelled out more money following their initial strategic investment back in 2018. The follow-on funding is a result of the strengthening ties of the two companies to develop Level 4 driving vehicles.
Automated by WeRide software, electric cars have been providing robotaxi service in Guangzhou for 18 months from the Dongfeng-Nissan joint venture. WeRide uses Nissan vehicles for R&D in California.
In a statement about the partnership, Ashwani Gupta, COO of Nissan, said “As China stands at the forefront of helping define the future of mobility, we are delighted to partner with WeRide to bring even more innovative technologies and services to enrich people’s lives in China.”
Similarly, Tony Han, founder and CEO of WeRide, said “Throughout the past three years, they have been playing a critical role in supporting WeRide’s autonomous driving platform, hence, enabling us to establish a leading fleet of robotaxis.”
Adding, “With the continued support of Nissan, we will accelerate the commercial use of our driverless robotaxis in China.”