DeepRoute.ai, a Chinese autonomous driving firm, announced on Tuesday that it had raised $300 million in funding from investors including Alibaba (9988. HK) to expand its test fleet and develop technologies such as self-driving trucks.
DeepRoute.ai said in a statement that other investors in the investment round include Greater China-focused tech investor Jeneration Capital, Chinese automaker Geely (GEELY.UL), and some earlier investors. It didn’t say how much it was worth.
The investment comes at a time when automakers and technology companies are pouring billions of dollars into self-driving cars, hoping to be the first to market in what many regard as the future of mobility.
WeRide, supported by Nissan Motor (7201.T), announced this month that it will create self-driving vans, while Pony.ai, backed by Toyota Motor (7203.T), announced earlier this month that it would develop autonomous trucks.
DeepRoute.ai, which is testing vehicles in the Chinese cities of Shenzhen and Wuhan, said in an interview with Reuters that the cash will be used to quadruple the fleet of its test Robo-taxis to 150 by the end of the year from the current 70. It will also increase its employees from 400 to 600 by the end of the year, including in-vehicle safety drivers.
DeepRoute.ai, which was founded in 2019, works on self-driving technology with Dongfeng Motor (0489. HK), a Chinese carmaker. It also collaborates with Geely’s Cao Cao ride-hailing service. Zhou told Reuters that DeepRoute.ai will also create self-driving light-duty vehicles for urban logistics services, with Alibaba as a major client. Alibaba said in June that its logistics business Cainiao would build self-driving trucks.
