Chinese self-driving company DeepRoute.ai has closed a Series B funding round with the investment totalling to more than $300 million USD. The funding will further research and development, help scale automaker collaboration and fleet operation, and support the expansion of the team.
The funding round was led by Alibaba Group (NYSE: BABA), and other venture capital companies including Jeneration Capital. Previous investors, Fosun RZ Capital, Yunqi Partners, and Glory Ventures, also participated in the round.
DeepRoute.ai’s long-term strategy includes developing medium duty trucks for urban logistics, improving transit for shipments and freight delivery.
In addition to expanding the types of vehicles deployed, DeepRoute.ai aims to grow its robotaxi fleet to more than 150 by the end of 2021, with their owned vehicles making up approximately 100 of the total, as interest in autonomous transportation and demand for affordable ride-hailing services increases.
Currently operating in Wuhan and Shenzhen with over 1.2 million miles driven safely on public roads, DeepRoute.ai has also received a Passenger Carry Permit from the California Public Utilities Commission (CPUC) this June.
Maxwell Zhou, CEO of DeepRoute.ai, says: “We appreciate our forward-looking investors for their support. Our DeepRoute.ai team is excited to bring more robotaxis to the streets and expand to urban logistics. We are excited for the future of autonomous vehicles and the positive societal impact we will have.”
Jason Tan, Partner and Chief Investment Officer of Jeneration Capital, adds: “The self-driving technology market is highly competitive and features many exciting innovations. We believe DeepRoute.ai’s engineering team and proven record of success to date will enable it to continue to be a leading innovator, empowering more businesses and services in a variety of industries.”
Since the establishment in early 2019, DeepRoute has accumulated more than one million kilometres of safety testing on public test roads in urban areas of Shenzhen, Wuhan, and Hangzhou.