WeRide raises more funds, puts value at $3.3 billion

WeRide said it raised “hundreds of millions” of dollars in a funding round that it said valued the company at $3.3 billion.

WeRide is a China-based autonomous driving startup which is backed by Nissan Motor, Renault and Mitsubishi Motors.

It is testing vehicles in California, and in China’s southern city of Guangzhou – where it is headquartered – and the central city of Zhengzhou, did not reveal details on the size of the funding.

Investors taking part in the recent funding round include IDG Capital and Homeric Capital, WeRide said on Thursday. It raised $310 million in January.

WeRide is going for what is known in the auto industry as a level 4 autonomous standard, in which the vehicle can handle all aspects of driving in the majority of the circumstances with no human intervention.

Last month it got a permit to test two passenger vehicles on California’s public roads without having a safety driver in the front section.

Automakers and technology companies are investing billions of dollars in autonomous driving, as they are keen to take an early lead in the growing sector.