WeRide Secures New Funding, Valuation Reaches $3.3 Billion

WeRide Secures Series C Funding, Reaching $3 Billion Valuation

Just four months following a $310 million Series B funding round, WeRide, a Chinese autonomous driving firm, has announced the completion of its Series C funding. This new investment elevates the company’s post-money valuation to $3 billion.

This marks the first instance of WeRide publicly disclosing its valuation. While the exact amount raised in this round wasn't specified, the company indicated it totals “hundreds of millions” in a recent press release.

Investment Focus and Future Plans

The acquired capital will be strategically allocated towards bolstering research and development (R&D) efforts and accelerating the commercialization of its autonomous driving technology. WeRide is focused on advancing its next-generation Level 4 driving capabilities.

Level 4 autonomy signifies a vehicle's ability to operate without human intervention under specific environmental and conditional parameters. The company is also preparing for the broader market launch of its innovative technologies.

Rapid Growth and Investment Landscape

Over the past year, WeRide has attracted substantial investment. This includes a $200 million strategic investment from Yutong, a prominent Chinese bus manufacturer, in December.

The velocity and magnitude of these investments suggest a high rate of capital expenditure and a strong demand for funding. Investors are demonstrating confidence in the potential of China’s technological advancements in this sector.

Momenta, a competitor, has also experienced significant funding this year, surpassing a $1 billion valuation with recent investments totaling $500 million and overall funding exceeding $700 million.

Technological Advancements and Milestones

According to Tony Han, founder and CEO of WeRide, the WeRide Master Platform (WMP), the company’s core autonomous driving technology, has been instrumental in its rapid development.

This platform has facilitated the successful operation of WeRide’s Robotaxi service in Guangzhou since 2019 and the introduction of the WeRide driverless Mini Robobus, a novel product category within the autonomous vehicle industry.

Recent Operational Achievements

WeRide’s robotaxi pilot program in Guangzhou commenced in 2019. In January, the company expanded testing to include the city’s Central Business District.

Shortly thereafter, the driverless Mini Robobus began undergoing road tests in both Guangzhou and Nanjing. WeRide achieved a significant milestone in February by becoming the first autonomous driving company in China to obtain an official license for online car-hailing services.

Furthermore, in April, the California Department of Motor Vehicles (DMV) granted WeRide a permit to test its driverless vehicles on public roads in San Jose, California.

Investor Participation

This latest funding round saw participation from a diverse group of investors, including IDG Capital, Homeric Capital, CoStone Capital, Cypress Star, Sky9 Capital and K3 Ventures. Existing investors CMC Capital Partners, Qiming Venture Partners and Alpview Capital also contributed.