WeRide Raises $310 Million in Series B Funding After Completing Series B2 and B3

Driverless Mini Robobus Developed by WeRide and Yutong
WeRide Robotaxi

About WeRide

WeRide is a smart mobility company that develops leading L4 autonomous driving technologies in China. It is the first self-driving company to obtain strategic investment from top-tier global automakers, which include Alliance Renault-Nissan-Mitsubishi and Yutong Group, as well as the first in China and second in the world to obtain an official permit to test fully driverless cars on public roads.

Since its inception, WeRide has utilized strategic alliances among AI technology companies, car makers and mobility service platforms in order to achieve the goal of commercialized autonomous driving. WeRide launched the first ever publicly accessible Robotaxi service in the first-tier Chinese city of Guangzhou in November 2019, covering an area of 144 square kilometers in Huangpu District and Guangzhou Development District. In June, 2020, WeRide’s Robotaxi service became available to the public through Amap, a popular ride-hailing mobile app in China, thus entering a more mature market. A total of 147,128 trips were completed for more than 60,000 passengers during the first year of WeRide Robotaxi services.

Established in 2017, WeRide is headquartered in Guangzhou, China, and maintains R&D and operation centers in Beijing, Shanghai and Anqing, as well as Silicon Valley in the USA. It employs a highly skilled team and has extensive domestic and international experience in R&D, business models and business operations.

About Yutong Group

Yutong Group is China’s leading commercial vehicle manufacturer, specializing in buses, construction machinery and others. In 2019, Yutong Group achieved a turnover of CNY 46.05 billion. It has been ranked among the top 500 Chinese companies for 17 consecutive years.

Yutong Bus, the core business of Yutong Group, is a leading enterprise in the new energy bus sector. The company specializes in R&D, manufacturing and sales of buses, serving various market segments including urban public transportation, inter-city transportation, tourist transportation, school buses, etc. In 2019, Yutong Bus boasted a market share of over 37% in China and more than 10% globally.

About CMC Capital Partners

CMC Capital Partners, founded by Mr. Ruigang LI in 2010, is a leading equity investment firm with a focus on entertainment, technology and consumer sectors with presence in Shanghai, Beijing and Hong Kong. Currently CMC manages three USD funds and two RMB funds with over USD 2.6 billion assets under management.

CMC Capital Partners strives to be the investor of choice for top entrepreneurs in China. Since debut, CMC has backed over 50 industry champions and emerging leaders across China in key subsectors including film, television, sports, interactive entertainment, internet media, social networks, social media, e-commerce, local service, education, logistics, supply chain, artificial intelligence, lifestyle and retail. 12 of them managed to get listed in either China or Unite States stock market, and 16 have achieved full or partial exit. Many of our portfolio companies has become today’s most influential brands in their respective sectors, including IMAX China (SEHK:1970), Star TV, iQIYI (NASDAQ:IQ), Bilibili (Nasdaq: BILI), Mango TV (300413.SZ), Kuaishou, NetEase Music, CAA, Eleme, Manbang Group, Mei Cai, Dingdong, Hongjiu Fruit, Leqee, Perfect Diary (NYSE:YSG), Neobio, Yuanfudao, Aixuexi Education, Zhangmen, NTX Technology, Clobotics, Yishou and KK Technology.

About Qiming Venture Partners

Founded in 2006, Qiming Venture Partners is a leading China venture capital firm with offices in Shanghai, Beijing, Suzhou, Shenzhen, Hong Kong, Seattle, Boston and the San Francisco Bay Area.

Currently Qiming Venture Partners manages nine US Dollar funds and six RMB funds with over $5.6 billion assets under management. Since our establishment, we have invested in outstanding companies in the TMT and healthcare industries at the early and growth stages.

Since our debut, we have backed over 370 fast-growing and innovative companies. Over 120 companies are already listed on NYSE, NASDAQ, HKEx, Gretai Securities Market, Shanghai Stock Exchange and Shenzhen Stock Exchange, or achieved exit through M&A and other means. There are also over 30 portfolio companies that have achieved unicorn status.

About Sinovation Ventures

Dr. Kai-Fu Lee founded Sinovation Ventures in September 2009. With the mission to nurture the next wave of Chinese high-tech entrepreneurs and companies, Sinovation Ventures is a venture capital firm headquartered in Beijing and operates in Guangzhou, Shanghai, Nanjing, and Shenzhen. With a unique “tech investment and artificial intelligence” model combining professional teams, international networks, and in-house AI technology experts, Sinovation Ventures, now managing over US$2 billion funds, has become one of the leading tech VC firms in China. In September 2016, Sinovation Ventures launched its Artificial Intelligence Institute led by Dr. Lee. The A.I. Institute focuses on developing technology and business solutions for enterprises, and facilitating a more open ecosystem connecting talents, industry, academic, and research stakeholders.

As a leading venture capital and entrepreneur-centric ecosystem builder, Sinovation Ventures focuses on developing early and growth stage companies in the areas of artificial intelligence, autonomous driving & robots, education, consumer Internet, B2B enterprise services, and medical. To date, Sinovation has invested in over 400 companies with 19 unicorns. Well known portfolios include: VIPKID, Zhihu, Meitu, Megvii, 4th Paradigm, WeRide, Shuidi Group, Moji Weather, IC Cast, Gaosi Education, MEWE Media, Zhuiyi Technology, Broadlink, XYLink, Animo, Molbase, Wandou, Mingyizhonghe, etc.

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