Chinese e-commerce giants Alibaba and others invest $300 million in funding Chinese self-driving firm DeepRoute.ai to develop autonomous taxis and logistics services.
Chinese autonomous driving start-up DeepRoute.ai raises $300 million in funding from E-commerce giants Alibaba and others. The firm said that the funding would develop technologies, including self-driving trucks, and test its self-driving cars fleet.
Greater China-focused tech investors Jeneration Capital, Chinese automotive giants Geely and a few other investors also funded in this round of investing. With automakers and technology firms seeding billions of dollars into autonomous driving, the funding of DeepRoute.ai will take a firm footing in what many tech pundits are calling the future of mobility.
DeepRoute.ai, which has been testing its autonomous vehicles in the Chinese cities of Shenzhen and Wuhan, will use the funding to double its fleet of Robo-taxis by the end of this year to 150-160 from the existing 70 vehicles, Chief Executive Zhao Guang stated to the press.
Founded in 2019, DeeepRoute.ai works with the Dongfeng Motor Company on self-driving vehicles. With Alibaba’s logistic arm Cainiao existing, DeepRoute.ai could develop autonomous self-driving trucks for its investors.
Many other start-ups in China, including Pony.ai, backed by Toyota Motors, and WeRide, backed by Nissan Motors, are also putting money into that space. Chinese internet giant Baidu and ride-hailing app Didi are also investing in autonomous driving.
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