Autonomous Driving Startup WeRide Hits a Market Valuation of $3.3 Billion

Self-driving startup WeRide is now having a market valuation of $3.3 billion following its latest financing round which happened back in January. The company said it fetched $310 million from the financing round.

The latest financing round was led by Homeric Capital and IDG Capital. Technology companies and vehicle manufactures have been investing heavily in autonomous driving in attempt of having an upper hand and an early lead in what is considered as the future of mobility.

WeRide which has its headquarters in Guangzhou China is backed by notable automakers including Mitsubishi Motors Corp (TYO: 7211), Nissan Motor Co (TYO: 7201) and Renault SA (EPA: RNO).

The company is currently testing its autonomous cars in California after it received a permit to test two passenger vehicles on California’s public roads without a safety driver in the front seat last month.

WeRide is working on level 4 autonomous standard which involves autonomous vehicles which can maneuver all driving aspects without the need of human intervention.

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