WeRide Secures Over $600M Funding

Recent Funding Surge for WeRide

The rapid pace of investment within China’s autonomous driving sector continues, with significant funding rounds becoming increasingly common. WeRide, a robotaxi firm operating from both Guangzhou and California, and backed by the Renault-Nissan-Mitsubishi Alliance, has secured over $600 million in funding within a period of less than five months. This capital infusion arrived through its Series B and Series C financing initiatives.

Series C Funding Details

In May, the company announced a substantial increase in its valuation, reaching $3.3 billion following the completion of its Series C fundraising. Details regarding the investors were initially withheld, but have now been revealed. The investment totaled $310 million and came from Alliance Ventures, the venture capital arm of Renault-Nissan-Mitsubishi, the China Structural Reform Fund – a state-owned private equity fund – and Pro Capital, which oversees China’s CDB Equipment Manufacturing Funds.

Total Investment and Early Funding

The precise amount WeRide has raised since its founding remains somewhat unclear, as certain earlier investments were not publicly disclosed. However, the company did secure “tens of millions of dollars” during its Series A funding round.

Strengthened Partnership with Renault-Nissan-Mitsubishi

This marks the second financial contribution from Renault-Nissan-Mitsubishi to WeRide, following an initial strategic investment made in 2018. This follow-on funding signifies a deepening collaboration aimed at developing Level 4 autonomous vehicles specifically for the Chinese automotive market.

Robotaxi Deployment and R&D

For the past 18 months, robotaxi services powered by WeRide software have been operational in Guangzhou, utilizing electric vehicles from the Dongfeng-Nissan joint venture. Furthermore, WeRide leverages Nissan vehicles in California for ongoing research and development efforts.

Statements from Key Executives

Ashwani Gupta, Nissan’s Chief Operating Officer, expressed confidence in the partnership, stating, “As China leads the way in shaping the future of mobility, we are pleased to collaborate with WeRide to deliver innovative technologies and services that enhance the lives of people in China.”

WeRide's Perspective on the Alliance

Tony Han, founder and CEO of WeRide, echoed this sentiment, noting, “Over the last three years, they have been instrumental in supporting WeRide’s autonomous driving platform, enabling us to build a leading robotaxi fleet.”