Chinese firm DeepRoute.ai has closed a Series B funding round, with total investment in the self-driving technology company totaling in excess of US$300m.
The company says the new funding, which was led by the Alibaba Group, will further its research and development efforts, help scale collaborations with vehicle manufacturers and allow for expansion of its development team. Its long-term strategy includes developing autonomous medium duty trucks for urban logistics.
“Our investment in DeepRoute.ai reflects our confidence in the company’s technology and the management team,” said Jason Tan, partner and chief investment officer at investor Jeneration Capital. “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.”
In addition to expanding the types of vehicles deployed with its systems, the company also wants to grow its robotaxi fleet to more than 150 by the end of 2021, with company owned vehicles making up approximately 100 of that total.
“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,” said company CEO Maxwell Zhou. “We are excited for the future of autonomous vehicles and the positive societal impact we will have.”